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At the beginning of March, Cullumber Software Company had Cash of $11,758, Accounts Receivable of $17,664, Accounts Payable of $4,179, and G. Cullumber, Capital of
At the beginning of March, Cullumber Software Company had Cash of $11,758, Accounts Receivable of $17,664, Accounts Payable of $4,179, and G. Cullumber, Capital of $25,243. During the month of March, the following transactions occurred.
1. | Purchased equipment for $23,772 from Digital Equipment. Paid $4,172 cash and signed a note payable for the balance. | |
2. | Received $12,209 from customers for contracts billed in February. | |
3. | Paid $2,916 for March rent of office space. | |
4. | Paid $2,301 of the amounts owing to suppliers at the beginning of March. | |
5. | Provided software services to Kwon Construction Company for $6,592 cash. | |
6. | Paid BC Hydro $1,004 for energy used in March. | |
7. | G. Cullumber withdrew $5,283 cash from the business. | |
8. | Paid Digital Equipment $2,058 on account of the note payable issued for the equipment purchased in transaction 1. Of this, $98 was for interest expense. | |
9. | Hired an employee to start working in April. | |
10. | Incurred advertising expense on account for March, $1,416. |
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