Larry Bar opened a frame shop and completed these transactions:1. Larry started the shop by investing $40,000 cash and equipment valued at $18,000 in exchange for common stock.2. Purchased $70 of office supplies on credit.3. Paid $1,200 cash for the receptionist's salary.4. Sold a custom frame service and collected $1,500 cash on the sale.5. Completed framing services and billed the client $200.What was the balance of the cash account after these transactions were posted?
A. $300.
B. $41,500.
C. $40,300.
D. $38,700.
E. $38,500.
Answer: C
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