Elliott Company Had the Following Transactions During March:
Mar $\quad$

question 69

Essay

Elliott Company had the following transactions during March:
Mar $\quad$ 1 $\quad$ Purchased computer equipment by issuing a $15,000, 6-month, 8% note payable. Interest is due at maturity.
Mar $\quad$ 5 $\quad$ Provided services to customers for $9,800 plus 5% GST; customers paid cash.
Mar $\quad$ 15 $\quad$ Purchased supplies on account from Grand and Toy for $3,500. Supplier terms are 2/10, n/30.
Mar $\quad$ 31 $\quad$ Paid the Grand and Toy account in full.
Instructions
a. Record the transactions.
b. Record any adjusting entries required at March 31 related to these liabilities.

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Definitions:

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