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:

Motivating Factors

Elements or drivers that influence individuals' behavior and can increase their enthusiasm and commitment towards achieving personal or organizational goals.

Recognition

The process of formally acknowledging a particular status, achievement, or compliance with standards, often used in professional contexts.

Working Conditions

The environment in which an employee works, including aspects such as safety, hours, and physical demands.

Extrinsic Reward

Rewards or incentives given for performing a task that come from an external source, such as money, prizes, or recognition.