Question: Larry Bar opened a frame shop and completed these transactions: 1. Larry started the shop by investing $41,100 cash and equipment valued at $19,100.

Larry Bar opened a frame shop and completed these transactions: 1. Larry

Larry Bar opened a frame shop and completed these transactions: 1. Larry started the shop by investing $41,100 cash and equipment valued at $19,100. Purchased $180 of office supplies on credit. 2. 3. 4. 5. Paid $2300 cash for the receptionist's salary. Sold a custom frame service and collected $5600 cash on the sale. Completed framing services and billed the client $310. What was the balance of the cash account after these transactions were posted?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Lets analyze the transactions and calculate the ending balance o... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A = 1200 i = 5.2% n = 15 I = ? I = A * ((1 + i)^n - 1) / i I = 1200 * ((1 + 0.052)^15 - 1) / 0.052 1

In terms of product layout, Coca-Cola takes carbonated beverages as its core business, representing brands such as Coca-Cola, Sprite and Fanta, and continues to expand in the beverage boundary,...

CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...

10 6 11 10 The following transactions occurred during July 1. Received $1,040 cash for services provided to a customer during July 2. Received $4,800 cash investment from Bob Johnson, the owner of...

Please explain each transaction. I am confused as to how it would look written out. 19. Larry Bar opened an frame shop and completed these transactions: 1. Larry started the shop by investing $40,000...

1. Larry Bar opened a frame shop and completed these transactions: 1. Larry started the shop by investing $40,800 cash and equipment valued at $18,800. 2. Purchased $150 of office supplies on credit....

Larry Bar opened a frame shop and completed these transactions: 1. Larry started the shop by investing $40,800 cash and equipment valued at $18,800 in exchange for common stock 2. Purchased $150 of...

Larry Bar opened a frame shop and completed these transactions: 1. Larry started the shop by investing $41,600 cash and equipment valued at $19,600 in exchange for common stock. 2. Purchased $230 of...

Larry Bar opened a frame shop and completed these transactions 1. Larry started the shop by investing $40,400 cash and equipment valued at $18,400. 2. Purchased $110 of office supplies on credit. 3....

Larry Bar opened a frame shop and completed these transactions: 1. Larry started the shop by investing $40,000 cash and equipment valued at $18.000 in exchange for common stock. 2. Purchased $70 of...

Explain disadvantages of file system (file processing systems) compared to Database management system. OR Explain disadvantages of conventional file-based system compared to Database management...

Question 8 How the new states are generated in the genetic algorithm? Composition Mutation Cross-over Both Mutation & Cross-over

Inertia is proportional to what amount of velocity? A . Velocity squared. B . Two - times velocity. C . The square root of velocity. D . One - half times velocity.

Give the first step of the reaction between the following pentapeptide and the reagent Use curly arrows to show how the bond between the reagent and the relevant amino acid residue is formed; there...

The Miracle Company had 20,000 units in process on December 31, 2020 which was 80% complete as to materials but only 40% complete as to conversion costs. The company's records show 40,000 units were...

why is wage setting curve upward sloping? if there is a disutility of working why are workers unhappy when they are unemployed

A company has two support departments, machine maintenance (MM) and information technology (IT). Machine maintenance costs for the year total $520,000 and are allocated according to the number of...

Which of the following points satisfy the inequality 2x 3y > 5? (1, 1), (1, 1), (1, 1), (1, 1), (2, 1), (2, 1), (1, 2) and (2, 1)

Use the chain rule to differentiate (a) y = e x 3 (b) y = ln(x 4 + 3x 2 )

Use the elimination method to attempt to solve the following systems of equations. Comment on the nature of the solution in each case. (a) 3x + 5y = 4 9x 15y = 12 (b) 6x 2y = 3 15x 5y = 4

At the beginning of the year, Morgan Company had total assets of $425,000 and total liabilities of $260,000. Required: Use the fundamental accounting equation to answer the following independent...

Derivative Products had a current ratio of 2.0 on October 31 of the current year. On that date, the company's assets were as follows: Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Longboards Inc. was founded by Riley Thomas to produce a longboard he had designed for cruising. Longboards are catching up to skateboards in popularity because of their speed and durability. Up to...