ccounting Concepts New Message Main Menu Contents Grades Chat Course Contents *> EXAM 3 > Question 8 Timer Notes X Company prepares monthly financial statements. The following transactions occurred on October 1: . paid the premium for the first year of a $5,000, four-year insurance policy, . paid cash for equipment that cost $20,000; the equipment has a life of four years and salvage value at that time of $2,000, and . borrowed $25,000 from a bank, to be repaid on December 31 along with interest of $104 per month. The accountant made entries to record the transactions on October 1 and the adjustments on October 31. What was the combined effect of the October 1 and October 31 entries on October Net Income? OA: $-583 OB: $-729 OC: $-911 OD: $-1,139 OE: $-1,424 OF: $-1,780 Submit Answer Tries 0/99 Communication Blocked