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Tom started a new business named Tom's Professional Services in the year 2021. He had the following balances at the beginning of March, 2021:
Tom started a new business named "Tom's Professional Services" in the year 2021. He had the following balances at the beginning of March, 2021: ASSETS = LIAB Cash Beg Bal $5,000 Acct Rec $2,000 Supplies $4,000 Furniture $10,000 Acct Pay $2,500 + EQUITY Tom, Capital $18,500 a) b) c) d) e) f) g) h) i) TOTAL During the month of March, 2021, the following activities took place: a) Purchased $1,000 of new furniture with cash. b) Tom contributed $3,000 of new cash to the business bank account. c) Provided new services to customers on credit worth $1,500. d) Collected $1,000 in cash from customers for work performed in the prior month. e) Incurred rent expense of $2,000 and paid cash. f) Customer requested a quote for a job to be completed next month. The estimated revenue will be $4,000. g) Paid our vendors $1,500 for outstanding invoices from last month. h) Incurred salary costs of $900 and paid with cash. i) Had cash sales in the month of $3,000.
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