George Pty Ltd had the following transactions during the month of August:

1. Owners started the company by investing $400,000 in cash.

2. Purchased $200,000 of equipment by making a $100,000 cash down payment and signed a 90-day note payable for the balance.

3. Purchased land for $500,000, signing a note payable for the full amount.

4. Earned $60,000 of services revenue (of which $40,000 was received in cash with the balance on accounts receivable).

Required

What is the balance of the Cash account at the end of the month?

Answer rating: 100% (QA)

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