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Mr. Smith opened a art gallery and as a dealer completed these transactions:

1. Started the Gallery, by investing $40,000 cash and equipment valued at $18,000.

2. Purchased $70 of office supplies on credit.

3. Paid $1,200 cash for receptionist salary.

4. Sold a painting for an artist and collected a $4,500 cash commission on the sale.

5. Completed an art appraisal and billed the client $200.

What was the balance of the cash account after these transactions were posted?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941680

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