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Question Patrick company had the following transactions: 1. The owner started the company by investing $10,000 of cash 2. The company paid $2,000 for six months of rent. The rent was paid in advance. 3. The company acquired $3,300 in inventory and put 1/3 of the purchases on account. The company paid $2,200 in cash. 4. The company sold inventory costing $1,400 for $2,900 on account. After all these transactions, what is the balance in the cash account?

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Question

Patrick company had the following transactions:1. The owner started the company by investing $10,000 of

cash

2. The company paid $2,000 for six months of rent. The rent was paid in advance.

3. The company acquired $3,300 in inventory and put 1/3 of the purchases on account. The company paid $2,200 in cash.

4. The company sold inventory costing $1,400 for $2,900 on account.

After all these transactions, what is the balance in the cash account?

 
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