A business has the following transactions: The business is started by receiving cash from an...
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Accounting
A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $25,000. 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 $10,000. The business pays salaries $2,300. The business pays this month's rent $3,300. The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,600. What is total income for the month? Net income $
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