Emiy Secure I https://www.matha.com/Student/PlayerTest.aspx?te stid»! erwin yes

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Emiy Secure I https://www.matha.com/Student/PlayerTest.aspx?te stid»! erwin yes ACC 111 701 FA 18 Test: Test 1 Chapters 1,2 This Question: 2 pts Time Remaining: 01:00.50 Submit Teset 15 of 50 (45 complete)This Test: 100 pts possible Question Help tion The following transactions for the month of March have been jounalized and posted to the proper accounts of a sole proprietorship TINUE Mar. 1 The business received $7,000 cash from the owner of the business, Morris Tharps. The business gave capital to Morris Tharps Mar. 2 Paid the first month's rent of $1,000 Mar. 3 Purchased equipment by paying $4,000 cash and executing a note payable for $7,000. Mar 4 Purchased office supplies for $730 cash. Mar. 5 Billed a client for $11,000 of design services oompleted. ok Solut Mar 6 Received $8,000 on account for the services previously recorded What is the balance in Cash on March 6 O A. $13,270 O B. $10,270 O C. $9,270 OD $11,000 Horngre 1lth Editio g Che right no Wanda S oise state u Click to select your answer atie K.

Explanation / Answer

Answer is C.

Capital introduced by cash $   7,000 Less: Rent paid $ (1,000) Less: Cash paid for purchase of equipment $ (4,000) Less: Cash paid for purchase of supplies $     (730) Add: Cash received on account $   8,000 Cash balance on March 6 $   9,270

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