Question: Larry Bar opened a frame shop and completed these transactions: Larry started the shop by investing $41,500 cash and equipment valued at $19,500 in exchange

Larry Bar opened a frame shop and completed these transactions:

  1. Larry started the shop by investing $41,500 cash and equipment valued at $19,500 in exchange for common stock.
  2. Purchased $220 of office supplies on credit.
  3. Paid $2,700 cash for the receptionist's salary.
  4. Sold a custom frame service and collected $6,000 cash on the sale.
  5. Completed framing services and billed the client $350.

What was the balance of the cash account after these transactions were posted?

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