The Following Transactions Occurred During March, the First Month of Operations

question 153

Multiple Choice

The following transactions occurred during March, the first month of operations for Canyon Products, Inc.: 1.Issued 50,000 shares of capital stock in exchange for $600,000 cash
2) Purchased land for $400,000, using a $150,000 cash down payment and signing a note payable for the balance.
3) Made a $60,000 cash payment on the note payable from the purchase of land.
4) Purchased equipment on credit from Burton, Inc.for $63,000.
What is the balance in the Cash account at the end of March?

• A) $810,000
• B) $210,000
• C) $600,000
• D) $390,000

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Definitions:

Educational Strategies

Methods or approaches employed to facilitate learning, teaching, and the achievement of educational goals.

Arnold Gesell

A developmental psychologist and pediatrician known for his research on the physical, emotional, and psychological growth of children.

Developmental Quotient

An overall developmental score that relates to performance in four domains: motor skills, language use, adaptive behavior, and personal and social skills.

Delayed Development Indicator

A sign or measure that suggests a slower than typical progress in physical, emotional, or intellectual growth in children.