Tabletop, Inc. had the following transactions during a recent month: 

a. Purchased $80,000 of inventory, paying 40% in cash and the balance on account. 

b. Purchased land and a building for $50,000 and $175,000, respectively, for $65,000 cash and signed a note for the balance. 

c. Paid monthly rent of $2,000. 

d. Issued stock for $100,000.
e. Sold merchandise on account for $56,000; cost of goods sold was $35,000. 

f. Purchased $15,000 of equipment on account. 

g. Collected $24,000 from customers who had previous