The Following Transactions for the Month of March Have Been $\$ 7,000$

question 94

Multiple Choice

The following transactions for the month of March have been journalized and posted to the proper accounts. Mar, 1 The business received $\$ 7,000$ cash and issued common stock to stockholders.
Mar. 2 Paid the first month's rent of $\$ 500$ .
Mar. 3 Purchased equipment by paying $2,000 cash and expcuting a note payable for $6,000.
Mar. 4 Purchased office supplies for $\$ 700$ cash.
Mar. 5 Eilled a client for $12,000 of design services completed.
Mar. 6 Received $\$ 9,000$ on account for the services previously recorded. What is the balance in Accounts Receivable?

• A)$9,000
• B)$3,000
• C)$6,000
• D)$12,000

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Definitions:

Fiscal Policy

A method used by governments to influence a country's economic activity through taxation and spending decisions aimed at achieving economic goals.

Federal Budget Deficit

The shortfall when a government's expenditures exceed its revenues within a fiscal year.

Net Taxes

The difference between the total taxes paid to the government and the total transfers received, reflecting the actual fiscal contribution of an entity.

Government Purchases

Expenditures by government entities on goods and services that directly consume or invest in order to fulfill public objectives.