A new business, Martin Inc. enters into the following transactions: (1) the owner invested $3,600;...
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- A new business, Martin Inc. enters into the following transactions: (1) the owner invested $3,600; (2) $2,600 was used to pay for computer equipment for cash; (3) $2,300 in services were rendered by the business and the client paid that amount the same day the services were rendered; (4) a salary of $1,000 was paid to an employee; (5) A client called and advised that he was going to send a check next week to prepay for new plants in the amount of $4,000 and (6) $3,000 was borrowed from a bank. After these transactions, the businesss total assets, total liabilities, and total owners equity are:
|
| Total Assets | Total Liabilities | Total Owners Equity |
| a. | $11,900
| $-0- | $11,900 |
| b. | $7,900
| $3,000 | $4,900 |
| c. | $7,900
| $3,000 | $2,600 |
| d. | $10,500
| $5,600 | $4,900 |
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