A company entered into the following transactions:
A company entered into the following transactions:
A company entered into the following transactions:
– Borrowed $5,110 from the bank by signing a promissory note
– Issued stock to owners for $11,100
– Purchased $1,110 of supplies, on account
– Paid $510 to suppliers as payment on account for the supplies purchased
1. What is the amount of total assets?
A. $16,810
B. $17,320
C. $16,210
D. $5,710
2. What is the amount of total liabilities?
A. $17,320
B. $5,710
C. $6,220
D. $16,810
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