Skidmore Music Company had the following transactions in March:

1. Sold instruments to customers for $15,400; received $11,700 in cash and the rest on account. The cost of the instruments was $8,400.

2. Purchased $5,000 of new instruments inventory; paid $1,600 in cash and owed the rest on account.

3. Paid $550 in wages to employees who worked during the month.

4. Received $4,800 from customers as deposits on orders of new instruments to be sold to the customers in April.

5. Received a $190 bill for March utilities that will be paid in April.

Complete the following statements: