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Watson Foods, Inc. reported the following transactions during September: a) The business received $24,000 cash and issued common stock. It was credited to Common Stock.
Watson Foods, Inc. reported the following transactions during September: a) The business received $24,000 cash and issued common stock. It was credited to Common Stock. b) The business purchased office equipment for $9,000 for which $3,500 cash was paid and the balance was put on a note payable. c) Paid insurance expense of $1,800 cash. d) Paid the September utility bill for $800 cash. e) Paid $1,600 cash for September rent. f) The business had sales of $10,000 in September. Of these sales, 40% were cash sales, and the balance was credit sales. g) The business paid $6,000 cash for office furniture. Assuming the total liabilities balance is zero at the beginning of September, what is the total liabilities balance at the end of September? A. $5,500 B. $10,000 C. $9,000 D. $1,800
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