During February 2014, its first month of operations, the owner of Schwenn Enterprises invested cash of $40,000. Schwenn had cash sales of $8,000 and paid expenses of $14,000. Assuming no other transactions impacted the cash account, what is the balance in Cash on February 28?

a. $6,000 credit
b. $34,000 debit
c. $48,000 debit
d. $26,000 credit

Answer rating: 100% (QA)

1 investment in cash is debited 4000... View the full answer