P1-3. Huang Trucking Company was organized on January 1, 2016. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities: a. Cash was borrowed from the local bank, $56,000 (one-year note) b. Services performed for customers totaled $66,000, of which $11,000 remained uncollected at the end of the quarter C. A small service truck purchased at the end of the quarter to be used in the business for two years starting the next quarter: Cost, $12,500 cash d. Wages earned by employees totaled $25,000, of which one-half remained unpaid at the end of the quarter e. Supplies were purchased for use in the business for $3,800 cash. At the end of the quarter, $900 worth of supplies were unused (still on hand) f. Other operating expenses were $38,000, of which $6,500 remained unpaid at the end of the quarter