Homework SourseAndrea Apple opened Apple Photography on January 1 of the cu
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 $275 cash for January utilities.
Based on this information, the balance in the cash account at the end of January would be:
Solution
Calculation of Cash Balance at end of january :-
| Particular | Amount($) |
| Invested in Business | 13500 |
| Add: Cash from Services | 5700 |
| Less : Cash Paid for Insurence | (2100) |
| Less : Rent Paid | (1500) |
| Less : Cash paid for office equipment | (3100) |
| Less : Cash Paid for Utilities | (275) |
| Cash Balance at End of January | 12225 |
