John set up a new business and completed these transactions:
1. Open new restaurant, by investing $30,000 cash and equipment valued at $10,000.
2. Purchased $1,000 of kitchen utility on credit.
3. Paid $1,500 cash for the staff's salary.
4. Service meals to customers and collected$4,000 cash
What was the balance of the cash account after these transactions were posted?
a. $46,500
b. $42,500
c. $45,500
d. $31,500
e. $32,500
Answer: E
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