During March 2016, its first month of operations, the owner of Soloist Co. invested cash of $50,000 in the business. Soloist had cash revenues of $16,000 and paid expenses of $21,000. Assuming no other transactions impacted the cash account, what is the balance in the cash account at March 31?

Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 5PB: The transactions completed by AM Express Company during March 2016, the first month of the fiscal...
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During March 2016, its first month of operations, the
owner of Soloist Co. invested cash of $50,000 in the
business. Soloist had cash revenues of $16,000 and paid
expenses of $21,000. Assuming no other transactions
impacted the cash account, what is the balance in the
cash account at March 31?
Transcribed Image Text:During March 2016, its first month of operations, the owner of Soloist Co. invested cash of $50,000 in the business. Soloist had cash revenues of $16,000 and paid expenses of $21,000. Assuming no other transactions impacted the cash account, what is the balance in the cash account at March 31?
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