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# ABC Services reported the following transactions for September, 2013. A) The owner opened the business with a capital contribution of \$23,500 cash. It was credited to Capital. B) The business purchased office equipment for \$11,500. The business paid \$2,500 cash down and put the balance on a note payable. C) The business paid insurance expense of \$1,350 cash. D) The business paid a utility bill for \$980 cash. E. The business paid \$2,000 cash for September rent. F. The business had sales of \$12,000 in September. Of these sales, 60% were cash sales, and the balance was credit sales. G. The business paid \$9,700 cash for office furniture. What are the total liabilities at the end of September, 2013

The answer for edgenuity is c: color

explanation: it is directly related to the spending characteristics of attendees who fall into each of these categories:

ABC Services

The total liabilities at the end of September, 2013

= \$9,000

Explanation:

a) Data and Calculations:

Capital contribution = \$23,500

Equipment = \$11,500

Cash payment for equipment = \$2,500

Note payable on equipment = \$9,000

Insurance expense paid = \$1,350

Utility expense paid = \$980

Rent paid = \$2,000

Sales = \$12,000

Cash Sales = \$7,200 (60% of \$12,000)

Credit Sales = \$4,800 (40% of \$12,000)

Office furniture paid = \$9,700

Therefore, total liabilities at the end of September, 2013 = \$9,000.  This represents the note payable for the office equipment purchased in B.

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