Gretta's Pet Hospital Inc. (GPH) started operations on January 1. Year 1. During January Year...
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Gretta's Pet Hospital Inc. (GPH) started operations on January 1. Year 1. During January Year 1. GPH recorded the following transactions: - Sold (issued) common shares to Gretta Almond for $100,000 cash. - Paid \$12,000 cash in advance for six months' rent. - Signed a note payable to purchase equipment for $50,000. - Purchased $5,000 of office supplies and $60,000 of inventory on account. - Recorded $51.000 of sales (\$6,000 cash and $45.000 on account). - Paid for the office supplics purchased on account carlier in the month. - Received $22.000 cash from the collection of accounts reccivable. - Paid $1.000 interest on the note payable. - Recorded rent expense of $2.000. What was GPH's balance in its cash account on January 31. Year 1 ? $60.000 $110.000 $120,000 $155.000
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