Question

At the beginning of March, Sandhill Software Company had Cash of $12,166, Accounts Receivable of $18,485, Accounts Payable of $3,843, and G. Sandhill, Capital of $26,808. During the month of March, the following transactions occurred.

1.		Purchased equipment for $24,501 from Digital Equipment. Paid $4,101 cash and signed a note payable for the balance.
2.		Received $11,980 from customers for contracts billed in February.
3.		Paid $3,179 for March rent of office space.
4.		Paid $2,300 of the amounts owing to suppliers at the beginning of March.
5.		Provided software services to Kwon Construction Company for $7,279 cash.
6.		Paid BC Hydro $988 for energy used in March.
7.		G. Sandhill withdrew $4,957 cash from the business.
8.		Paid Digital Equipment $2,142 on account of the note payable issued for the equipment purchased in transaction 1. Of this, $102 was for interest expense.
9.		Hired an employee to start working in April.
10.		Incurred advertising expense on account for March, $1,719.

Answer 1