Larry Bar Opened a Frame Shop and Completed These Transactions

question 62

Multiple Choice

Larry Bar opened a frame shop and completed these transactions:
1. Larry started the shop by investing $40,000 cash and equipment valued at $18,000.
2) Purchased $70 of office supplies on credit.
3) Paid $1,200 cash for the receptionist's salary.
4) Sold a custom frame service and collected $1,500 cash on the sale.
5) Completed framing services and billed the client $200.
What was the balance of the cash account after these transactions were posted?

• A) $38,700.
• B) $40,300.
• C) $300.
• D) $41,500.
• E) $38,500.

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