The Following Transactions for the Month of March Have Been

question 33

Multiple Choice

The following transactions for the month of March have been journalised and posted to the proper accounts.

Mar 1 Martinez invested $7000 cash in his new design services business.
Mar 2 Paid the first month's rent of $600.
Mar 3 Purchased equipment by paying $3000 cash and executing a loan payable for $3000.
Mar 4 Purchased office supplies for $550 cash.
Mar 5 Billed a client for $10,000 of design services completed.
Mar 6 Received $8000 on account for the services previously recorded.
What is the balance in Accounts receivable?

• A)$2000
• B)$10,000
• C)$3000
• D)$8000

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Definitions:

Novelty

The quality of being new, original, or unusual, often stimulating interest or attention.

Skills

The ability to do something well, often developed through practice and experience.

Vomeronasal

Pertaining to the vomeronasal organ, a chemoreceptor organ that is part of the olfactory system in many animals, involved in detecting pheromones.

Pheromone Information

Data or signals transmitted through chemicals released by one individual that can affect the behavior or physiological state of another individual, typically within the same species.