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What is the balance in the cash account at the end of march

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The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated:

  1. Capital stock was issued in exchange for $359,000 cash.
  2. Purchased $178,000 of equipment by making a $59,000 cash down payment and signing a note payable for the balance.
  3. Made a $34,500 cash payment on the note payable from the purchase of equipment.
  4. Sold a piece of equipment for cash of $17,000. The equipment was sold at cost, so there is no gain or loss on the sale.

Problem 1: What is the balance in the Cash account at the end of March?

Multiple Choice

Option 1: $341,500

Option 2: $282,500

Option 3: $376,000

Option 4: $317,000

Reference no: EM132842503

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