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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Definitions:

Hindsight Bias

The inclination to assume that one could have predicted an outcome after it has happened, commonly known as the "I-knew-it-all-along" effect.

Sexual Desire

The emotional and physiological response that leads to the interest in or craving for sexual activities or sexual objects.

Sexual Appetite

An individual's desire or drive for sexual activity and expression, which can vary greatly among people.

Hindsight Bias

The tendency to believe, after learning an outcome, that one would have predicted it beforehand, often referred to as the "I-knew-it-all-along" phenomenon.