Larry Bar opened a frame shop and completed these transactio

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 in exchange for common stock. 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?

Solution

Balance of the cash account = 40000-1200+1500= $40300