At December 1, 2008, Marco Companys accounts receivable balance was $1,200. During December, Marco had credit revenues of $5,000 and collected accounts receivable of $4,000. At December 31, 2008, the accounts receivable balance is a. $1,200 debit. b. $2,200 debit. c. $6,200 debit. d. $2,200 credit The following is selected information from J Corporation for the fiscal year ending October 31 2008 Cash received from customers $300,000 Revenue earned 380,000 Cash paid for expenses 170,000 Cash paid for computers on November 1, 2007 that will be used for 3 years (annual depreciation is $16,000 48,000 Expenses incurred, not including any depreciation 200,000 Proceeds from a bank loan, part of which was used to pay for the computers 100,000 Based on the accrual basis of accounting, what is J Corporation's net income for the year ending October 31, 20081? Use the following information for questions 15-16 Sheepskin Company had the following transactions during 2008 . Sales of $5,500 on account Collected $2,225 for services to be performed in 2009 Paid $600 cash in salaries Purchased airline tickets for $255 in December for a trip to take place in 2009