1:26 Deayre Armad Johnson Student section: 730 ACC230, New Messages Courses Help Logout Spring 2022- Main Menu Contents Survey of Accounting Concepts Grades Chat Course Contents EXAM 3 > Question 8 Timer Notes Evaluate Feedback Print X Company prepares monthly financial statements. The following transactions occurred on September 1: paid the premium for the first year of a $5,000, four- year insurance policy, paid cash for equipment that cost $20,000; the equipment has a life of four years and salvage value at that time of $2,000, and borrowed $29,000 from a bank, to be repaid on December 31 along with interest of $121 per month. The accountant made entries to record the transactions on September 1 and the adjustments on September 30. What was the combined effect of the September 1 and September 30 entries on September Net Income? OA: OB: OC: OD: OE: OF: $-307 $-384 Submit Answer Tries 0/99 $-480 $-600 $-750 $-938 Communication Blocked Send Feedback AA s2.lite.msu.edu m