Solution-What is the balance in the note payable account at

What is the balance in the note payable account at the end

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Reference no: EM132842492

The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated:

Capital stock was issued in exchange for $360,000 cash.
Purchased $180,000 of equipment by making a $60,000 cash down payment and signing a note payable for the balance.
Made a $35,000 cash payment on the note payable from the purchase of equipment.
Sold a piece of equipment for cash of $18,000. The equipment was sold at cost, so there is no gain or loss on the sale.

Problem 1: What is the balance in the Note Payable account at the end of March?

Multiple Choice

Option 1: $120,000

Option 2: $85,000

Option 3: $35,000

Option 4: $155,000

Reference no: EM132842492

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What is the balance in the note payable account at the end

Reference no: EM132842492

Reference no: EM132842492

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