The Following Transactions Have Been Journalized and Posted to the Proper

question 34

Essay

The following transactions have been journalized and posted to the proper accounts. 1.Mark Call invested $7,000 cash in his new design services business.
2)The business paid the first month's rent with $700 cash.
3)The business purchased equipment by paying $2,000 down and executing a note payable for $4,500.
4)The business purchased supplies for $850 cash.
5)The business billed its clients a total of $4,000 for design services rendered.
6)The business collected $3,000 on account from one of its clients.
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What is the total amount of assets after all the above transactions have been completed?
A) $7,800
B) $13,800
C) $12,800
D) $14,800

• A) $7,800
• B) $13,800
• C) $12,800
• D) $14,800

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Definitions:

Foreclosure by Power of Sale

A method of foreclosure that allows a lender to sell the property without court supervision once a borrower defaults on mortgage payments.

Mortgagee

The creditor to whom property has been mortgaged to secure the performance of an obligation.

Expressly Conferred

Specifically granted or bestowed upon an individual or entity, often through formal or legal means.

Warehousemen's Liens

Legal claims that a warehouse operator can place on goods stored in their facility for unpaid storage fees or services.