Fred Smith opened a frame shop and completed these transactions:

Fred started the shop by investing $$40,000$ cash and equipment valued at $$18,000.$

Purchased $$70$ of office supplies on credit.

Paid $$2,000$ cash for the receptionist's salary.

Sold a custom frame service and collected $$500$ cash on the sale.

Completed framing service $\frac{T}{5}$ and billed the client $$200.$

What was the balance of the cash account after these transactions were post

$$38,700.$

$$38,500.$

$$41,500.$

$$40,300.$

$$300.$