Falcon Services was organized on October 1, 2016.The company received a contribution of $2,000 from each of the two principal owners.During the month, Falcon Services provided services for cash of $1,400 and services on account for $600, received $350 from customers in payment of their accounts, purchased supplies on account for $800 and equipment on account for $1,050, received a utility bill for $150 that will not be paid until November, and paid the full amount due on the equipment.

REQUIRED: Show your work to determine the company's Cash balance on October 31, 2016.

Question

Falcon Services was organized on October 1, 2016.The company received a contribution of $2,000 from each of the two principal owners.During the month, Falcon Services provided services for cash of $1,400 and services on account for $600, received $350 from customers in payment of their accounts, purchased supplies on account for $800 and equipment on account for $1,050, received a utility bill for $150 that will not be paid until November, and paid the full amount due on the equipment.
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REQUIRED: Show your work to determine the company's Cash balance on October 31, 2016.

Quizplus · Accepted Answer

The Answer of Falcon Services was organized on October 1, 2016.The company received a contribution of $2,000 from each of the two principal owners.During the month, Falcon Services provided services for cash of $1,400 and services on account for $600, received $350 from customers in payment of their accounts, purchased supplies on account for $800 and equipment on account for $1,050, received a utility bill for $150 that will not be paid until November, and paid the full amount due on the equipment.
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REQUIRED: Show your work to determine the company's Cash balance on October 31, 2016.

Falcon Services Was Organized on October 1, 2016