These Transactions Were Completed by the Art Gallery Opened by Zed

question 227

Multiple Choice

These transactions were completed by the art gallery opened by Zed Bennett. a.Bennett started the gallery,Artery,by investing $40,000 cash and equipment valued at $18,000 in exchange for common stock.
b.Purchased $70 of office supplies on credit.
c.Paid $1,200 cash for the receptionist's salary.
d.Sold a painting for an artist and collected a $4,500 cash commission on the sale.
e.Completed an art appraisal and billed the client $200.
What was the balance of the cash account after these transactions were posted?

• A)$12,230
• B)$12,430
• C)$43,300
• D)$43,430
• E)$61,430

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