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During January 2020, the first month of operations, a consulting firm had the following transactions: 1. Issued common stock to owners in exchange for $14,000 cash. 2. Purchased $3,500 of equipment, paying $1,050 cash and signing a promissory note for $2,450. 3. Received $6,300 in cash for consulting services performed in January 4. Purchased $1,050 of supplies on account; all of the supplies were used in January 5. Provided consulting services on account in the amount of $11,200. 6. Paid $525 on account. 7. Paid $2,100 to employees for work performed during January 8. Received a bill for utilities for January of $2,400; the bill remains unpaid. What are the total expenses that will be reported on the income statement for the month ended January 31? Multiple Choice $2,625 $3,150 $5,550 $6,075