Lori Nichols started an engineering firm, Engineering Enterprises P.C. During its first month of operations, the following transactions were completed: 1. Lori invested $30,000 in the business, which in turn issued common stock to her. 2. The business purchased equipment on account for $9,000. 3. The business provided eineering services on account, $12,000. 4. The business paid salary to the receptionist, $3,000. 5. The business received cash from a customer as payment on account $8,000. 6. The business borrowed $9,000 from the bank, issuing a note payable. At the end of the month, cash equals: O $44,000 $36,000 O $71,000 O $30,000
Lori Nichols started an engineering firm, Engineering Enterprises P.C. During its first month of operations, the following transactions were completed: 1. Lori invested $30,000 in the business, which in turn issued common stock to her. 2. The business purchased equipment on account for $9,000. 3. The business provided eineering services on account, $12,000. 4. The business paid salary to the receptionist, $3,000. 5. The business received cash from a customer as payment on account $8,000. 6. The business borrowed $9,000 from the bank, issuing a note payable. At the end of the month, cash equals: O $44,000 $36,000 O $71,000 O $30,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Lori Nichols started an engineering firm, Engineering Enterprises P.C. During its first month of
operations, the following transactions were completed:
1. Lori invested $30,000 in the business, which in turn issued common stock to her.
2. The business purchased equipment on account for $9,000.
3. The business provided eineering services on account, $12,000.
4. The business paid salary to the receptionist, $3,000.
5. The business received cash from a customer as payment on account $8,000.
6. The business borrowed $9,000 from the bank, issuing a note payable.
At the end of the month, cash equals:
O $44,000
O $36,000
O $71,000
O $30,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd074ffd1-a21a-4952-bf99-bf8a040ad529%2Fe193b92e-c433-4348-a7e6-af0817ff1a37%2Fo7n3zp2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Lori Nichols started an engineering firm, Engineering Enterprises P.C. During its first month of
operations, the following transactions were completed:
1. Lori invested $30,000 in the business, which in turn issued common stock to her.
2. The business purchased equipment on account for $9,000.
3. The business provided eineering services on account, $12,000.
4. The business paid salary to the receptionist, $3,000.
5. The business received cash from a customer as payment on account $8,000.
6. The business borrowed $9,000 from the bank, issuing a note payable.
At the end of the month, cash equals:
O $44,000
O $36,000
O $71,000
O $30,000
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