The following are the business transactions for a company: 1. Deposited $100,000 cash in a bank account. 2. Paid $24,000 cash in rent 3. Purchased furniture for $5,000 paying 10% down with cash and remaining on account. 4. Obtained a loan $50,000 5. Purchased a machine for $10,000 on account 6. Paid cash to settle the remainder of the furniture 7. Bought supplies for the machine worth $5000 with cash 8. Paid 5% interest on the $50,000 loan 9. Repaid $10,000 of the $50,000 loan 10. Paid salaries of $18,000 11. Provided services worth $12,000 receiving $1200 in cash and remaining on account. 12. Ended with no supply balance What are the balances after the 11th transaction? Equity is 55500 Accounts receivable is 10800 Equipment is 15000 Cash is 86700 Accounts payable is 12000 Notes payable is 50000 1 point How does one record the last transaction? Decrease supplies, increase equipment Decrease supplies, decrease notes payable Decrease supplies, decrease equity Decrease supplies, decrease cash 1 point What's the net expenses? Type your answer... 1 point What's the net income? 49500 37500 61500 37500 (i.e. loss)