Andrea Apple Opened Apple Photography on January 1 of the Current

question 138

Multiple Choice

Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books:

Andrea invested $13,500 cash in the business.
Andrea contributed $20,000 of photography equipment to the business.
The company paid $2,100 cash for an insurance policy covering the next 24 months. The company received $5,700 cash for services provided during January.
The company purchased $6,200 of office equipment on credit.
The company provided $2,750 of services to customers on account. The company paid cash of $1,500 for monthly rent.
The company paid $3,100 on the office equipment purchased in transaction #5 above. Paid $275 cash for January utilities.
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Based on this information, the balance in the A. Apple, Capital account reported on the Statement of Owner's Equity at the end of the month would be:

• A) $39,200.
• B) $40,175.
• C) $31,150.
• D) $30,875.
• E) $31,400.

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Definitions:

Craft Product

Items produced by skilled individuals using traditional methods or techniques, often hand-made and unique in nature.

Art Product

Items that are considered to possess artistic value, including paintings, sculptures, and installations, often associated with creativity and culture.

Culture Production System

A framework that describes the processes through which societies create and distribute new cultural products, symbols, and meanings.

Cultivation Hypothesis

The theory that long-term exposure to media content can subtly shape viewers' perceptions of reality.