QUESTION 3 Not Marked out of 15.00 P Flag question Transaction Analysis Grace Main began the Main Answering Service in December 2015. The equipment. On January 1, 2016, the assets and liabilities of the business were firm provides services for professional people and is currently operating with leased $4,700 7,200 900 Accounts Receivable Accounts Payable Notes Payable Common Stock 9,200 The following transactions occurred during the month of January: Jan 1 Paid rent on office and equipment for January, $1,100 2 Collected $4,800 on account from clients 3 Borrowed $2.300 from a bank and signed a note payable for that amount 4 Billed clients for work performed on account, $9.800 5 Paid $700 on accounts payable 6 Received invoice for January advertising, $850 s, $4,100