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27 September, 15:55

The following transactions occurred during July: Received $900 cash for services performed during July. Received $5,350 cash from the issuance of common stock to owners. Received $450 from a customer as payment for services performed during June. Billed $3,650 to customers for services performed on account in July. Borrowed $2,600 from the bank and signed a promissory note. Received $1,150 from a customer for services to be performed during August. As a result of these transactions, what is the amount of the increase to the Cash account

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Answers (2)
  1. 27 September, 15:59
    0
    The amount of the increase to the Cash account is $10,450

    Explanation:

    Cash account

    Cash for services performed during July $900

    Cash from the issuance of common stock to owners $5350

    Cash received from customer as payment for services performed during June $450

    Cash Borrowed from bank $2600

    Cash received from customer service to be performed during august $1150

    Total sum is Cash account increase of $10,450
  2. 27 September, 16:10
    0
    The amount of the increase to the Cash account is $10,450

    Explanation:

    In order to calculate the amount of the increase to the Cash account we would have to make the following calculations:

    amount of the increase to the Cash account = cash for services performed during July+cash from the issuance of common stock to owners+cash received from customer as payment for services performed during June+Borrow from bank+Received from customer service to be performed during august

    amount of the increase to the Cash account = $900 + $5,350 + $450 + $2,600 + $1,150

    amount of the increase to the Cash account = $10,450

    The amount of the increase to the Cash account is $10,450
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