Homework Answers
The correct answer is $84,590.
Supporting calculations:
| Beginning balance of cash | $0 |
| Add: Cash invested | $110,500 |
| Less: Purchase of supplies by cash | ($24,900) |
| Less: Wages paid | ($1,010) |
| Balance in Cash | $84,590 |
Therefore, balance in cash is $84,590.
----------------------------------------------------------------------------------------------------------
The correct answer is $18,500.
Supporting calculations:
| Service performed on account | $5,000 |
| Add: Services performed by cash | $3,900 |
| Add: Services performed on account | $2,400 |
| Add: Services performed on account | $7,200 |
| Balance in Service Revenue | $18,500 |
Therefore, the correct answer is $18,500.
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