The following transactions for the month of March have been journalized and posted to the proper accounts. Mar. 1 The business received a $9,000 cash contribution from the owner.
Mar) 2 Paid the first month's rent of $900.
Mar) 3 Purchased equipment by paying $4,000 cash and executing a note payable for $5,000.
Mar) 4 Purchased office supplies for $710 cash.
Mar) 5 Billed a client for $9,000 of design services completed.
Mar) 6 Received $7,600 on account for the services previously recorded.
What is the balance in Cash?

Question

Quizplus · Accepted Answer

The cash balance is calculated as follows: Starting with $9,000 from the owner's contribution, subtract $900 for rent, $4,000 for equipment, and $710 for supplies. Then add $7,600 received on account. The balance is $10,990.

The Following Transactions for the Month of March Have Been