QUESTION 5

1. A sole proprietorship reported the following transactions for the month of March. The transactions have been journalized and posted to the proper accounts.
3. March 1 The business received $8,000 cash from the owner in exchange for capital.
4. March 2 Paid the first month's rent of $600.
5. March 3 Purchased equipment by paying $1,000 cash and executing a note payable for $3,000.
6. March 4 Purchased office supplies for $600 cash.
7. March 5 Billed a client for $11,000 of design services completed.
8. March 6 Received $9,000 on account for the services previously recorded.
10. What is the balance in Accounts Receivable?
11. $9,000
12. $2,000
13. $3,000
14. $11,000