Reference no: EM132969561
At the beginning of March, Blossom Software Company had Cash of $11,621, Accounts Receivable of $18,343, Accounts Payable of $3,977, and G. Blossom, Capital of $25,987. During the month of March, the following transactions occurred.
1. Purchased equipment for $24,724 from Digital Equipment. Paid $4,124 cash and signed a note payable for the balance.
2. Received $11,588 from customers for contracts billed in February.
3. Paid $2,940 for March rent of office space.
4. Paid $2,399 of the amounts owing to suppliers at the beginning of March.
5. Provided software services to Kwon Construction Company for $7,108 cash.
6. Paid BC Hydro $1,008 for energy used in March.
7. G. Blossom withdrew $4,534 cash from the business.
8. Paid Digital Equipment $2,163 on account of the note payable issued for the equipment purchased in transaction 1. Of this, $103 was for interest expense.
9. Hired an employee to start working in April.
10. Incurred advertising expense on account for March, $1,474.
Problem 1: Prepare a tabular analysis of the above transactions. The first row contains the amounts the company had at the beginning of March.
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