Answered: Mr. Smith opened a art gallery and as a… | bartleby

Century 21 Accounting General Journal

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 1AP

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Mr. Smith opened a art gallery and as a dealer completed
these transactions:
1. Started the Gallery, by investing $40,000 cash and
equipment valued at $18,000.
2. Purchased $70 of office supplies on credit.
3. Paid $1,200 cash for receptionist salary.
4. Sold a painting for an artist and collected a $4,500 cash
commission on the sale.
5. Completed an art appraisal and billed the client $200.
What was the balance of the cash account after these
transactions were posted?

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