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Exercise 2.9 (Algo) Computing net income or net loss. LO 2-4 On December 1, Vincent Nguyen opened a speech and hearing clinic. During December, his firm had the following transactions involving revenue and expenses. Paid $3,100 for advertising. Provided services for $2,800 in cash. Paid $800 for telephone service. Paid salaries of $2,600 to employees. Provided services for $3,000 on credit. Paid $450 for office cleaning service. Did the firm earn a net income or incur a net loss for the period? What was the amount