Skidmore Music Company had the following transactions in March: a. Sold instruments to customers for $16,900; received $10,100 in cash and the rest on account. The cost of the instruments was $8,300. b. Purchased $3,900 of new instruments inventory; paid $1,700 in cash and owed the rest on account. c. Paid $610 in wages for the month. d. Received $3,300 from customers as deposits on orders of new instruments to be sold to the customers in April. e. Received a $230 bill for March utilities that will be paid in April. Complete the following statements: