Problem - On December 1, Doris Turner opened a speech and hearing clinic. During December, her firm had the following transaction involving revenue and expenses. Did the firm earn a net income or incur a net loss for the period? What was the amount?
Paid $2,600 for advertising.
Provided services for $2,300 in cash.
Paid $700 for telephone service.
Paid salaries of $2,100 to employees.
Provided services for $2,500 on credit.
Paid $350 for office cleaning service.