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A new business, Martin Inc. enters into the following transactions: (1) the owner invested $3,600;...

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Accounting

  1. A new business, Martin Inc. enters into the following transactions: (1) the owner invested $3,600; (2) $2,600 was used to pay for computer equipment for cash; (3) $2,300 in services were rendered by the business and the client paid that amount the same day the services were rendered; (4) a salary of $1,000 was paid to an employee; (5) A client called and advised that he was going to send a check next week to prepay for new plants in the amount of $4,000 and (6) $3,000 was borrowed from a bank. After these transactions, the businesss total assets, total liabilities, and total owners equity are:

Total Assets

Total Liabilities

Total Owners Equity

a.

$11,900

$-0-

$11,900

b.

$7,900

$3,000

$4,900

c.

$7,900

$3,000

$2,600

d.

$10,500

$5,600

$4,900

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