Marco Nelson opened a frame shop and completed these transactions: 1. Marco started the shop by...

 

Transcribed Image Text:

Marco Nelson opened a frame shop and completed these transactions: 1. Marco started the shop by investing $40,700 cash and equipment valued at $18,700 in exchange for common stock. 2. Purchased $140 of office supplies on credit. 3. Paid $1900 cash for the receptionist's salary. 4. Sold a custom frame service and collected $5200 cash on the sale. 5. Completed framing services and billed the client $270. What was the balance of the cash account after these transactions were posted? Marco Nelson opened a frame shop and completed these transactions: 1. Marco started the shop by investing $40,700 cash and equipment valued at $18,700 in exchange for common stock. 2. Purchased $140 of office supplies on credit. 3. Paid $1900 cash for the receptionist's salary. 4. Sold a custom frame service and collected $5200 cash on the sale. 5. Completed framing services and billed the client $270. What was the balance of the cash account after these transactions were posted?

Answer rating: 100% (QA)

1 Initial investment of cash 40700 2 Purchase of office supplies on credit ... View the full answer