The following transactions for the month of March have been journalized and posted to the proper accounts. Mar. 1 The business received $ 8 comma 000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $ 700. Mar. 3 Purchased equipment by paying $ 3 comma 500 cash and executing a note payable for $ 8 comma 000. Mar. 4 Purchased office supplies for $ 700 cash. Mar. 5 Billed a client for $ 10 comma 000 of design services completed. Mar. 6 Received $ 7 comma 900 on account for the services previously recorded. What is the balance in Cash on March 6?

March 6 cash balance is $11,000

Explanation:

Cash receipt from share issue       $8,000

payment of monthly rent                 ($700)

Purchase of equipment                  ($3,500)

purchase of office supplies             ($700)

Receipt of cash                                $7,900

Cash balance                                    $11,000

The cash balance as at March 6 is $11,000

Note that the issue of $8,000 in part payment for equipment purchase has no cash implication yet, as well as the $10,000 invoicing of customers,hence they were excluded from cash flow computation above

the balance in Cash on March 6 is $19,300

Explanation:

Consider only cash transactions and account for the balance as follows :

Calculation of Cash Balance - March :

Mar. 1. Receipts from issued common stock         $8,000

Mar. 2 Rental Payment                                            ($ 700)

Mar. 3 Purchase of Equipment                             ($3,500)

Mar. 3 Note Payable                                               $8,300

Mar. 4 Office Supplies Purchase                             ($700)

Mar. 6 Receipts from Debtors                                $7,900

Cash Balance                                                          $19,300

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