revenues and Joseph Forbes is the owner of his own business. On December 31, Forbes' assets, liabilities, expenses were: Insurance Expenses $ 3,000 Miscellaneous Expenses 900 Rent Expenses 2,500 Salaries Expense 19,000 Equipment Services Performed 45,000 Accounts Payable $ 4,000 Accounts Receivable 5,000 Cash 14,000 11,000 Supplies Expense 1,200 Notes Payable 4,600 Supplies on hand 700 11. On December 31, net income is equal to: a b. $18,400d. $45,000. $17,400 none of the above c. $29,600 12. On December 31, if not income equals $15,000 and the ending owner's equity is $20,000, and Forbes invested an additional $2,600 in his business, while withdrawing $6,000 during the year, the beginning owner's equity for this year was: a. b. C. $7,100 $7,400 $8,400 d. $7,430 e. none of the above 13. On December 31, current assets equal: 2. b. c. $9,000 d. $23,000 $19,700 e. none of the above $19,000 14. New Font Software provided services for customers of $7,000. What is the entry if it billed customers for the total amount? . b. c. d. c. Debit accounts receivable $7,000; credit service revenue $7,000 Debit notes receivable $7,000; credit service revenue $7,000 Debit cash $7,000; credit service revenue $7,000 Debit service revenue $3,000; credit accounts receivable $7,000 none of the above