Ask Question
18 October, 19:12

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

+3
Answers (2)
  1. 18 October, 20:28
    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. 18 October, 22:37
    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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The following transactions occurred during July: Received $900 cash for services performed during July. Received $5,350 cash from the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers