Question: Lori Nichols started an engineering firm, Engineering Enterprises P . C . During its first month of operations, the following transactions were completed: I. Lori

Lori Nichols started an engineering firm, Engineering Enterprises P.C. During its first month of operations, the following transactions were completed:
I. Lori invested $31,000 in the business, which in turn issued common stock to her.
II. The business purchased equipment on account for $8,000.
III. The business provided engineering services on account, $12,000.
IV. The business paid salary to the receptionist, $1,000.
V. The business received cash from a customer as payment on account $9,000.
V. The business borrowed $9,000 from the bank, issuing a note payable.
At the end of the month, cash equals:
A. $31,000.
B. $39,000.
C. $48,000.
D. $70,000.
Lori Nichols started an engineering firm, Engineering Enterprises P.C. During its

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