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Determine the balance in the Cash account on January

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Question - Wagner Excavating organized as a corporation on January 18 and engaged in the following transactions during its first two weeks of operation.

Jan.18 Issued capital stock in exchange for $400,000 cash.

Jan.22 Borrowed $100,000 from its bank by issuing a note payable.

Jan.23 Paid $200 for a radio advertisement aired on January 24.

Jan.25 Provided $5,000 of services to clients for cash.

Jan.26 Provided $18,000 of services to clients on account.

Jan.31 Collected $4,200 cash from clients for the services provided on January 26.

Required -

a. Record each of these transactions.

b. Determine the balance in the Cash account on January 31. Be certain to state whether the balance is debit or credit.

Reference no: EM132627385

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