Patrick Company Had the Following Transactions

question 34

Multiple Choice

Patrick Company had the following transactions:
1) The owner started the company by investing $10,000 of cash.
2) The company paid $2,000 for six months of rent.The rent was paid in advance.
3) The company acquired $3,300 in inventory and put one-third of the purchase on account.The company paid $2,200 cash.
4) The company sold inventory costing $1,400 for $2,900 on account.
After all these transactions,what is the balance in the cash account?

• A) $1,600
• B) $2,900
• C) $5,800
• D) $8,000

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