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Question - A business started the month with a credit balance in the Cash at Bank account of $3,200. The following transactions occurred during the month. The business recorded revenue of $12,500 of which $5,700 is collected in cash with the balance on account. The business borrowed $3,500 from Hong Kong Bank. The business paid a cash dividend of $1,200 and interest on the account charged by the bank was $120. Compute the closing balance of Cash at Bank account?
a. $8,900
b. $6,000
c. $4,680
d. $1,180
e. None of the above
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