Course Contents > EXAM 3 > Question 8 Timer Notes Evaluate Feedback 35 X Company prepares monthly financial statements. The following transactions occurred on September 1: 42 . paid the premium for the first year of a $5,000, five-year insurance policy, . paid cash for equipment that cost $10,000; the equipment has a life of three years and salvage value at that time of $1,000, and . borrowed $21,000 from a bank that will be repaid on December 31, along with interest of $88 per month. The accountant made entries to record the transactions on September 1 and the adjustments on September 30. How was Net Income in September affected by these entries. A: $-421 OB: $-493 C: $-577 OD: $-675 OE: $-790 OF: $-924 Submit Answer Tries 0/99 Communication Blocked Send Feedb