Ask Question
27 February, 15:41

Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012:

1. Issued 10,000 shares of common stock for $15,000 cash.

2. Purchased land for $12,000, signing a note payable for the full amount.

3. Purchased office equipment for $1,200 cash.

4. Received cash of $14,000 for services provided to customers during the month.

5. Purchased $300 of office supplies on account.

6. Paid employees $10,000 for their first month's salaries.

What was the balance of Gotebo's Cash account following these six transactions?

$29,800.

$19,300.

$17,800.

$22,400.

+2
Answers (1)
  1. 27 February, 16:03
    0
    Answer:$17,800

    Explanation: You are to add all the receipts and less all payments from total receipts.

    Note: The purchase of land for $12,000 will not be included as the it is written on note payable, and also the $300 of office supplies will also not be included in payments as it was made from account.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. Issued 10,000 shares of common ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers