MC Qu. 89 These transactions were completed by the art...
These transactions were completed by the art gallery opened by Zed Bennett.a. Bennett started the gallery, Artery, by investing $40,000 cash and equipment valued at $18,000 in exchange for common stock.
b. Purchased $70 of office supplies on credit.
c. Paid $1,200 cash for the receptionist's salary.
d. Sold a painting for an artist and collected a $4,500 cash commission on the sale.
e. Completed an art appraisal and billed the client $200.
What was the balance of the cash account after these transactions were posted?
| $12,230 | |
| $12,430 | |
 | $43,300 |
| $43,430 | |
| $61,430 |
$40,000 - $1,200 + $4,500 = $43,300
