During January 2020, the first month of operations, a consulting firm had the following transactions: 1. Issued common stock to owners in exchange for $46,000 cash.2 Purchased $ 11,500 of equipment, paying $3,450 cash and signing a promissory note for $8,050.3. Received $20,700 in cash for consulting services performed in January.4Purchased $3,450 of supplies on account, all of the supplies were used in January.5. Provided consulting services on account in the amount of $36, 800.6Paid $1,725 on account.7Paid $6, 900 to employees for work performed during January.8. Received a bill for utilities for January of $7,800; the bill remains unpaidWhat are the total expenses that will be reported on the income statement for the month ended January 31? What are the total expenses that will be reported on the income statement for the month ended January 31 ? $19,875. $10,350. $18, 150. $8,625. None of the above.

During January 2020, the first month of operations, a consulting firm had the following transactions: 1. Issued common stock to owners in exchange for $46,000 cash.2 Purchased $ 11,500 of equipment, paying $3,450 cash and signing a promissory note for $8,050.3. Received $20,700 in cash for consulting services performed in January.4Purchased $3,450 of supplies on account, all of the supplies were used in January.5. Provided consulting services on account in the amount of $36, 800.6Paid $1,725 on account.7Paid $6, 900 to employees for work performed during January.8. Received a bill for utilities for January of $7,800; the bill remains unpaidWhat are the total expenses that will be reported on the income statement for the month ended January 31? What are the total expenses that will be reported on the income statement for the month ended January 31 ? $19,875. $10,350. $18, 150. $8,625. None of the above.

Name: During January 2020, the first month of operations, a consulting firm
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Description: During January 2020, the first month of operations, a consulting firm had the followingtransactions: 1. Issued common stock to owners in exchange for $46,000 cash.2 Purchased $11,500 of equipment, paying $3,450 cash and signing a promissory note for

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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