During February 2014, Its First Month of Operations, the Owner

question 149

Multiple Choice

During February 2014, its first month of operations, the owner of Schwenn Enterprises invested cash of $40,000. Schwenn had cash sales of $8,000 and paid expenses of $14,000. Assuming no other transactions impacted the cash account, what is the balance in Cash at February 28?

• A) $6,000 credit
• B) $34,000 debit
• C) $48,000 debit
• D) $26,000 credit

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Definitions:

MIG Weld

A welding process known as Metal Inert Gas Welding, which uses a continuously fed wire electrode and shielding gas to create a weld.

Base Plate

A flat piece used as a foundation or mounting surface in various mechanical and architectural applications.

Compensating Fifth Wheel

A fifth wheel designed to articulate fore and aft, and side to side. Used to limit trailer torque effect transfer; the Holland Kompensator would be an example.

Aluminum Frame

An aluminum frame refers to the structural framework of a vehicle or equipment made from aluminum, known for being lightweight yet strong.