Sold a piece of equipment for cash of 5000 the equipment

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Reference no: EM13596032

The following transactions occurred during May, the first month of operations for XYZ Company:

1. Sold common stock to owners for $100,000 cash
2. Purchased $50,000 of equipment by making a $30,000 cash down payment and signing a note payable for the balance
3. Made a $13,000 cash payment on the note payable from the purchase of equipment
4. Sold a piece of equipment for cash of $5,000. The equipment was sold at cost, so there is no gain or loss on the sale Calculate the balance in the cash account at the end of May.

Reference no: EM13596032

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