During November Kobe Orr invested $300 in a new pet-sitting business Kobe's Cats.During its first month of operations Kobe's Cats performed services and billed customers $750 paid $150 for advertising and collected $500 from customers.Enter these transactions into Kobe's Cats' tabular analysis to determine which of the following statements is true at the end of the month: 
A) The company has assets of $900 and stockholder's equity of $900.
B) The combined effect of the transactions is to increase Cash by $150 Accounts Receivable by $750 and Stockholders' Equity by $900.
C) Kobe's Cats has net income of $650 for the month of November.
D) The combined effect of these transactions is to increase Cash $900 increase Accounts Receivable by $250 and increase Revenues by $1050.
Correct Answer:
Verified
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