Question:
Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books:
Andrea invested $15,400 cash in the business in exchange for common stock.
Andrea contributed $39,000 of photography equipment to the business.
The company paid $4,000 cash for an insurance policy covering the next 24 months.
The company received $7,600 cash for services provided during January.
The company purchased $8,100 of office equipment on credit.
The company provided $4,650 of services to customers on account.
The company paid cash of $3,400 for monthly rent.
The company paid $5,000 on the office equipment purchased in transaction #5 above.
Paid $465 cash for January utilities.
Based on this information, the balance in the cash account at the end of January would be:
Multiple Choice
A $66,150.
B $10,135.
C $24,400.
D $19,050.
E $14,785.
...
