Lori Nichols started an engineering firm,Engineering Enterprises P.C.During its first month of operations,the following transactions were completed: I.Lori invested $33,000 in the business,which in turn issued common stock to her.
V.The business received cash from a customer as payment on account $7,000.
At the end of the month,cash equals:
A)$33,000.
B)$38,000.
C)$45,000.
D)$71,000.

Question

Lori Nichols started an engineering firm,Engineering Enterprises P.C.During its first month of operations,the following transactions were completed: I.Lori invested $33,000 in the business,which in turn issued common stock to her.
 V.The business received cash from a customer as payment on account $7,000.
 At the end of the month,cash equals:
A)$33,000. 
B)$38,000. 
C)$45,000. 
D)$71,000.

Quizplus · Accepted Answer

Investment $33,000 - Salaries Paid $4,000 + Customer Collection $7,000 + Cash from Loan $9,000 = $45,000

Lori Nichols Started an Engineering Firm,Engineering Enterprises P