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Balance of company cash account

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Reference no: EM133253589

Problem:

The following are transactions of Galena, Inc., a new company, during the month of March:

  • Issued 100,000 shares of common stock for $150,000 cash.
  • Purchased land for $120,000, signing a note payable for the full amount.
  • Purchased office equipment for $12,000 cash.
  • Received cash of $140,000 for services provided to customers during the month.
  • Purchased $3,000 of office supplies on account.
  • Paid employees $100,000 for their first month's salaries.

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

Reference no: EM133253589

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