These Transactions Were Completed by the Art Gallery Opened by Zed

question 159

Multiple Choice

These transactions were completed by the art gallery opened by Zed Bennett.
Bennet started the gallery,Artery,by investing $40,000 cash and equipment valued at $18,000 in exchange for common stock.
Purchased $70 of office supplies on credit.
Paid $1,200 cash for the receptionist's salary.
Sold a painting for an artist and collected a $4,500 cash commission on the sale.
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:

Liver

A vital organ located in the upper right portion of the abdomen involved in numerous functions including detoxification, protein synthesis, and digestion.

Pancreatic Amylase

An enzyme produced by the pancreas and secreted into the small intestine, crucial for breaking down carbohydrates into simple sugars during digestion.

Maltose

A sugar composed of two glucose molecules bonded together, commonly produced during the digestion of starch.

Carboxypeptidase

An enzyme that breaks down proteins by hydrolyzing the peptide bond at the carboxyl-terminal (C-terminal) end of the protein.