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Watson Foods, Inc. reported the following transactions for September 2019. a) The business received $21,000 cash and issued common stock. It was credited to Common
Watson Foods, Inc. reported the following transactions for September 2019.
a) | The business received $21,000 cash and issued common stock. It was credited to Common Stock. |
b) | The business purchased office equipment for $11,000 for which $4,000 cash was paid and the balance was put on a note payable. |
c) | Paid insurance expense of $1,700 cash. |
d) | Paid the September utility bill for $900 cash. |
e) | Paid $1,500 cash for September rent. |
f) | The business had sales of $9,000 in September. Of these sales, 40% were cash sales, and the balance was credit sales. |
g) | The business paid $8,000 cash for office furniture. |
What are the total liabilities at the end of September, 2019?
A.$7,000
B.$11,000
C.$9,000
D.$1,700
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