Best Plumbing Company offers plumbing services. Selected transactions of Best Plumbing Company are as follows: a) Received $9,000 cash contribution from owner June Sharon. b) Paid $6,000 in cash for equipment to be used in plumbing repairs. c) Borrowed $9,000 from a local bank and deposited the money in a checking account. d) Paid $800 in rent for the year.

Sep 8, 2023

Best Plumbing Company offers plumbing services. Selected transactions of Best Plumbing Company are as follows:

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Best Plumbing Company offers plumbing services. Selected transactions of Best Plumbing Company are as follows: a) Received $9,000 cash contribution from owner June Sharon. b) Paid $6,000 in cash for equipment to be used in plumbing repairs. c) Borrowed $9,000 from a local bank and deposited the money in a checking account. d) Paid $800 in rent for the year.
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a) Received $9,000 cash contribution from owner June Sharon.

b) Paid $6,000 in cash for equipment to be used in plumbing repairs.

c) Borrowed $9,000 from a local bank and deposited the money in a checking account.

d) Paid $800 in rent for the year.

e) Paid $200 in cash for plumbing supplies to be used next year.

f) Completed a plumbing repair project for a local attorney and received $6,000 in cash.

Calculate net income. Let’s say $200 of plumbing supplies remain.

The following transactions for March have been logged and posted to the appropriate accounts.

March 1 The business received a $10,000 cash contribution from the owner.

March 2 He paid the first month’s rent of $800.

March 3 purchased equipment by paying $4,000 in cash and issuing a promissory note payable for $6,000.

March 4 purchased office supplies for $500 in cash.

March 5 A client has been invoiced for $14,000 of completed design services.

6 March Received $6,000 for previously recorded services.

What is the ending balance in the Service Income account?

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