X Company prepares monthly financial statements. The following transactions occurred on September 1: paid the premium for the first year of a $6,000, four-year insurance policy, paid cash for equipment that cost $10,000; the equipment has a life of three years and salvage value at that time of $1,000, and borrowed $20,000 from a bank, to be repaid on December 31 along with interest of $83 per month. The accountant made entries to record the transactions on September 1 and the adjustments on September 30. What was the combined effect of the September 1 and September 30 entries on September Net Income? Submit Answer Tries 0/3