Following are transactions of Gotebo Tanners,Inc. ,a new company,during the month of January: 1.Issued 10,000 shares of common stock for $15,000 cash.2.Purchased land for $12,000,signing a note payable for the full amount.3.Purchased office equipment for $1,200 cash.4.Received cash of $14,000 for services provided to customers during the month.5.Purchased $300 of office supplies on account.6.Paid employees $10,000 for their first month's salaries.What was the balance of Gotebo's Cash account following these six transactions?
A)$29,800.
B)$19,300.
C)$17,800.

Question

Quizplus · Accepted Answer

The cash account balance is calculated as follows: Starting with $15,000 from issuing stock, add $14,000 received for services, subtract $1,200 for office equipment, and subtract $10,000 for salaries, resulting in a balance of $17,800.

Following Are Transactions of Gotebo Tanners,Inc