Question 2: A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this month's rent $3,000 The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month?
Question 2: A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this month's rent $3,000 The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Question 2: A business has the following transactions:
The business is started by receiving cash from an investor in exchange for
common stock $20,000
The business purchases supplies on account $500
The business purchases furniture on account $2,000
The business renders services to various clients on account totaling $9,000
The business pays salaries $2,000
The business pays this month's rent $3,000
The business pays for the supplies purchased on account.
The business collects from one of its clients for services rendered earlier in the
month $1,500.
What is total income for the month?
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