Consider the following transactions: I. Owners invested $8,000 cash to begin the business
II. Provided services for cash, $6,000
III. Provided services on account, $4,000
IV. Paid cash for expenses, $7,500
How much cash does the business have?

Question

Quizplus · Accepted Answer

The business started with $8,000 cash, received $6,000 cash for services, and paid $7,500 cash for expenses. The cash balance is $8,000 + $6,000 - $7,500 = $6,500.

Consider the Following Transactions: I