Skidmore Music Company had the following transactions in March:

1. Sold instruments to customers for $16,100; received $10,900 in cash and the rest on account. The cost of the instruments was $8,900.
2. Purchased $4,200 of new instruments inventory; paid $1,100 in cash and owed the rest on account.
3. Paid $740 in wages to employees who worked during the month.
4. Received $3,900 from customers as deposits on orders of new instruments to be sold to the customers in April.
5. Received a $120 bill for March utilities that will be paid in April.

Complete the following statements: