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Linda Keller opened a consulting firm, Keller Consulting P.C. During its first month of operations, the following transactions were completed: I. Linda invested $30,000 in the business, which in turn issued common stock to her. II. The business purchased equipment on account for $65,000. III. The business provided consulting services on account, $11,000. IV. The business paid cash salary to the receptionist, $2,000. V. The business received cash from a customer as payment on account $6,000. VI. The business borrowed $8,000 from the bank, issuing a note payable. At the end of the month, total liabilities are: O A. $73,000. OB. $76,000. O C. $65.000. OD. $8,000.

Linda Keller opened a consulting firm, Keller Consulting P.C. During its first month of operations, the following transactions were completed: I. Linda invested $30,000 in the business, which in turn issued common stock to her. II. The business purchased equipment on account for $65,000. III. The business provided consulting services on account, $11,000. IV. The business paid cash salary to the receptionist, $2,000. V. The business received cash from a customer as payment on account $6,000. VI. The business borrowed $8,000 from the bank, issuing a note payable. At the end of the month, total liabilities are: O A. $73,000. OB. $76,000. O C. $65.000. OD. $8,000.

FINANCIAL ACCOUNTING
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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Linda Keller opened a consulting firm, Keller Consulting P.C. During its first month of operations, the following transactions were completed: 1. Linda invested $30,000 in the business, which in turn issued common stock to her. II. The business purchased equipment on account for $65,000. III. The business provided consulting services on account, $11,000. IV. The business paid cash salary to the receptionist, $2,000. V. The business received cash from a customer as payment on account $6,000. VI. The business borrowed $8,000 from the bank, issuing a note payable. At the end of the month, total liabilities are: OA. $73,000. B. $76,000. OC. $65,000. O D. $8,000.
Transcribed Image Text:Linda Keller opened a consulting firm, Keller Consulting P.C. During its first month of operations, the following transactions were completed: 1. Linda invested $30,000 in the business, which in turn issued common stock to her. II. The business purchased equipment on account for $65,000. III. The business provided consulting services on account, $11,000. IV. The business paid cash salary to the receptionist, $2,000. V. The business received cash from a customer as payment on account $6,000. VI. The business borrowed $8,000 from the bank, issuing a note payable. At the end of the month, total liabilities are: OA. $73,000. B. $76,000. OC. $65,000. O D. $8,000.
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