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Larry Bar opened a frame shop and completed these transactions: Larry started th

ID: 2540735 • Letter: L

Question

Larry Bar opened a frame shop and completed these transactions: Larry started the shop by investing $40,800 cash and equipment valued at $18,800 in exchange for common stock. Purchased $150 of office supplies on credit. Paid $2,000 cash for the receptionist's salary. Sold a custom frame service and collected $5,300 cash on the sale. Completed framing services and billed the client $280. What was the balance of the cash account after these transactions were posted?

Multiple Choice

$11,350.

$11,630.

$44,100.

$44,230.

$44,380.

Explanation / Answer

Answer is $44100

Particulars Amt Cash Invested 40800 Less: Receptionist Salary 2000 Add: Cash Sale 5300 Closing Cash 44100

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