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Patrick company had the following transactions:
1. The owner started the company by investing $10,000 of cash
2. The company paid $2,000 for six months of rent. The rent was paid in advance.
3. The company acquired $3,300 in inventory and put 1/3 of the purchases on account. The company paid $2,200 in cash.
4. The company sold inventory costing $1,400 for $2,900 on account.
Problem 1: After all these transactions, what is the balance in the cash account?
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