New Delivery Company was organized on January 1. 2003. At the end of the first quarter (three months) of operations, the owner prepared a summary of its operations as show n in the first row of the following tabulation:

Required: 1. For each of the six transactions given in this tabulation, enter what you consider the correct amounts. Enter a zero when appropriate. The first transaction is illustrated. 2. For each transaction, explain the basis for your dollar responses.

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COMPUTATION OF Summary of Transactions a. Services performed for customers, $66,000, of which one-sixth remained uncollected at the end of the quarter. b. Cash borrowed from the local bank. $30.000 (one-year note). Income Cash +$66.000 +$55.000