Falcon Services was organized on October 1,2017.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 31,2017.

Question

Falcon Services was organized on October 1,2017.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 31,2017.

Quizplus · Accepted Answer

The Answer of Falcon Services was organized on October 1,2017.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 31,2017.

Falcon Services Was Organized on October 1,2017