During February 2020, Its First Month of Operations, the Owner

question 47

Multiple Choice

During February 2020, its first month of operations, the owner of Solcist Co. invested cash of $50,000. Solcist had cash revenues of $16,000 and paid expenses of $21,000. Assuming no other transactions impacted the cash account, what is the balance in Cash at February 29?

• A) $5,000 credit
• B) $5,000 debit
• C) $45,000 debit
• D) $55,000 debit

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Definitions:

Arrest

The act of legally detaining a person by authorities on grounds of suspected or proven involvement in criminal activity.

Republicans

A political designation referring to members or supporters of a republican party, which typically advocates for a government in which the people hold power, either directly or through elected representatives.

Expansion Of Slavery

Refers to the period in American history where slavery was extended into new territories and states, intensifying debates over slavery and leading to the Civil War.

White Slaveholder

Denotes a white individual who owns slaves, specifically relevant in the historical context of slavery in the Americas.