Calculate the ending balance in the cash account based

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Reference no: EM133659669

Question: Consider the following transactions for a new company: Shareholders invest a total of $50,000 cash in exchange for 100 shares of $1 par value stock. The company paid $3,000 for 6 months' rent in advance. The company acquired $2,400 in merchandise inventory with one-half of the purchase on account. The company provided services to customers valued at $3,100, on account. The company recruits a Marketing Director, with an annual salary of $60,000, to start next month. A customer pays a $2,500 deposit for goods that will be delivered next month.

Requirements:

Calculate the ending balance in the Cash account based on the transactions above. Make it clear if it is a debit or credit ending balance Show your calculations.

Reference no: EM133659669

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