Logged Out of My VCCS Exam- 1 Chapters 1 to 3 connect. Exam-1 Chapters 1 to 3 Qu

Question

Logged Out of My VCCS Exam- 1 Chapters 1 to 3 connect. Exam-1 Chapters 1 to 3 Question 3 (of 30) 3. 2.00 points These transactions were completed by the art gallery opened by Zed Bennet a. Berrett stared the galery, Artery, by investing $53.500 cash and equeret valed-Sm350in exchange for common stock b. Purchased $205 of office supplies on credit c. Pald S1,875 cash for the receptionists salary d. Sold a pareng for an artist and collected$4,860 cash commission on e Completed an art appraisal and billed the clent $335 sale. What was the balance of the cash account after these transactions were posted? O $75.965 O $56485 O $12.745 O $56,615 O$12.410 30 4

Explanation / Answer

Solution.

Calculation of cash account balance.

1. initial cash investment in bussiness = $53,500

2. Paid cash to reciptionist salary        = ($1,875)

3. Commission in cash                         = $4,860

Total cash balance is                        = $56,485

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