QUESTION 3 Marco Nelson opened a frame shop and completed these transactions: 1. Marco started the shop by investing $40,700 cash and equipment valued at $18,700 in exchange for common stock. 2. Purchased $140 of office supplies on credit. 3. Paid $1900 cash for the receptionist's salary. 4. Sold a custom frame service and collected $5200 cash on the sale. 5. Completed framing services and billed the client $270. What was the balance of the cash account after these transactions were posted? $11,730. $44,000. $11,460. $44,130. $44,270.

QUESTION 3 Marco Nelson opened a frame shop and completed these transactions: 1. Marco started the shop by investing $40,700 cash and equipment valued at $18,700 in exchange for common stock. 2. Purchased $140 of office supplies on credit. 3. Paid $1900 cash for the receptionist's salary. 4. Sold a custom frame service and collected $5200 cash on the sale. 5. Completed framing services and billed the client $270. What was the balance of the cash account after these transactions were posted? $11,730. $44,000. $11,460. $44,130. $44,270.

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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Provide Answer with calculation