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Use the information below to answer the questionEntrance fees......................


Question

Use the information below to answer the question

Entrance fees.........................₦1200

Subscriptions (including ₦850 arrears)....₦4310

Donations received....................₦1500

Proceeds from sales...................₦2300

Total payments........................₦8200

Depreciation..........................₦2100

Closing cash balance..................₦1110

The club deposited 200% of the closing cash balance in the bank during the period.

Determine the opening cash balance of the club.

Options

A)
₦3070
B)
₦2220
C)
₦5710
D)
₦4320

The correct answer is B.


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