The Following Transactions Have Been Journalized and Posted to the Proper

question 84

Essay

The following transactions have been journalized and posted to the proper accounts.
1)Mark Call invested $7,000 cash in his new design services business.
2)The business paid the first month's rent with $700 cash.
3)The business purchased equipment by paying $2,000 down and executing a note payable for $4,500.
4)The business purchased supplies for $850 cash.
5)The business billed its clients a total of $4,000 for design services rendered.
6)The business collected $3,000 on account from one of its clients.
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How much was net income?
A) $700
B) $300
C) $3,300
D) $2,450

• A) $700
• B) $300
• C) $3,300
• D) $2,450

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Definitions:

Vivid Thoughts

Highly detailed and clear mental images or ideas, often experienced with intensity and emotional involvement.

Irritable

A state of increased sensitivity to stimuli resulting in quick temper or frustration.

Panic Disorder

A psychiatric disorder characterized by unexpected and repeated episodes of intense fear accompanied by physical symptoms that may include chest pain, heart palpitations, shortness of breath, dizziness, or abdominal distress.

Somatoform Disorder

A mental disorder characterized by physical symptoms that have no identifiable physical cause, often linked to psychological factors.