During the month, the company paid $800 for advertising expense, earned $9,500 service revenue on...
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Accounting
During the month, the company paid $800 for advertising expense, earned $9,500 service revenue on account, paid rent for the month of $1,200, borrowed $30,000 (ignore interest) from the local bank, paid $7,400 of accounts payable, received cash on account of $6,100, and paid utilities expense of $425. Overall, what is the result of these transactions on the company's monthly net income or (net loss)?
a.$7,075 net income
b.$5,775 net income
c.$2,425 net income
d.($325) net loss
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