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.

---

Definitions:

Corrective Actions

Steps taken to eliminate causes of existing nonconformities or undesirable situations to prevent recurrence.

Technological Capabilities

The skills, knowledge, tools, and processes that an organization possesses, which enable it to leverage technology effectively for competitive advantage.

Needs Assessment

A needs assessment is a systematic process for determining and addressing gaps between current conditions and desired conditions or wants, often used for improving a system or service.