Multiple Choice Question 77 In the first month of operations for Concord Industr

Question

Multiple Choice Question 77 In the first month of operations for Concord Industries, the total of the debit entries to the cash account amounted to $36000 ($15600 investment by the owner and revenues of $20400). The total of the credit entries to the cash account amounted to $21600 (purchase of equipment $8000 and payment of expenses $14900). At the end of the month, the cash account has a(n) O $6000 credit balance. O $14400 debit balance. O $%6000 debit balance. O $14400 credit balance. Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Q77. Answer is $ 14400 debit balance Explanation: Total cash receipts 36000 Less: Total cassh payment 21600 Cash balance 14400 Q78. Answer is $ 170250 Explanation: Beginning Capital 156100 Add; revenue 37100 Less: Expense 20900 Less: Withdrawals 2050 Ending capital 170250

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