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Watson Foods, Inc. reported the following transactions for September 2019.
| a) | The business received $ 25 comma 000 |
| cash and issued common stock. It was credited to Common Stock. |
| b) | The business purchased office equipment for $ 11 comma 500 |
for which
$ 1 comma 000
| cash was paid and the balance was put on a note payable. |
| c) | Paid insurance expense of $ 1 comma 500 |
| cash. |
| d) | Paid the September utility bill for $ 800 |
| cash. |
| e) | Paid $ 2 comma 000 |
| cash for September rent. |
| f) | The business had sales of $ 9 comma 000 |
in September. Of these sales,
60
| % were cash sales, and the balance was credit sales. |
| g) | The business paid $ 8 comma 000 |
| cash for office furniture. |
What are the total liabilities at the end of September, 2019?
A.
$ 1 comma 500
B.
$ 9 comma 000
C.
$ 11 comma 500
D.
$ 10 comma 500
Answer & Explanation
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