Proctor Company Had the Following Transactions

question 116

Multiple Choice

Proctor Company had the following transactions. 1. The owner started the company by investing $8,000 of cash.
2) The company paid $2,000 for six months' rent in advance.
3) The company acquired $3,300 in inventory with two- thirds of the purchase on account.
4) The company sold inventory costing $1,400 for $2,900 on account.
The balance in the Cash account is:

• A) $7,800 debit balance
• B) $4,900 credit balance
• C) $1,600 debit balance
• D) $4,900 debit balance

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