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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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