Use the following information for questions 28 through 33: Company X began business on December 1, 2020 and had the following transactions in the month of December: Dec 1 - Sold Common Stock to shareholders for $50,000 Dec 1 - Hired an office manager, to be paid a monthly salary of $2,000. Dec 1 - Paid $6,000 cash in advance for 3 months of rent Dec 3 - Purchased $4,000 of supplies on account. Payment is due in full by January 31st Dec 6 - Provided services for $10,000 total. $6,000 of the sales was paid in cash and $4,000 on account. The receivables are due by the end of February Dec 10 - A customer paid $2,000 of the cash due from the 12/6 transaction. Dec 27 - Made a $3,000 cash payment for the supplies previously purchased on account on 12/3. Dec 30 - Paid the office manager's salary for December. Dec 30 - Declared and paid $1,000 of dividends Dec 31- tried to count the supplies and realized all of them had been used. Note: Assume the company makes adjusting entries at the end of every month. Hint: You may want to use T-accounts and write out journal entries. > Question 21 3 pts The balance in Accounts Receivable on December 31 is: $2,000 ($4,000) $4,000 O none of these $1,000 Question 22 3 pts Total liabilities at December 31 are: O $0 $2,000 O none of these $5,000 $1,000 D Question 23 3 pts Net Income for December is: $0 $3,000 $2,000 $1,000 $6,000 D Question 24 3 pts Which of the following is not part of the entry that relates to December 6: debit to Accounts Receivable O credit to unearned revenue credit to Sales Revenue debit to Cash Question 25 3 pts The entry for the December 30th dividend transaction would: decrease equity decrease equity and increase expenses increase equity decrease equity and have no effect on income have no effect on income