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

question 12

Multiple Choice

The following transactions occurred during March, the first month of operations for Quality Galleries Limited:
* Share Capital was issued in exchange for $360,000 cash.
* Purchased $180,000 of equipment by making a $60,000 cash down payment and signing a note payable for the balance.
* Made a $35,000 cash payment on the note payable from the purchase of equipment.
* Sold a piece of equipment for cash of $18,000. The equipment was sold at cost, so there is no gain or loss on the sale.

-Refer to the above data. What is the balance in the Cash account at the end of March?

• A) $283,000.
• B) $343,000.
• C) $318,000.
• D) $378,000.

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Definitions:

Interact

To communicate or engage with others, often resulting in reciprocal influence or action.

Intuition

The ability to understand or know something immediately based on feelings rather than facts or evidence.

Human-universe Connection

A concept referring to the belief that humans are intricately linked to the universe, impacting and being impacted by it in profound ways.

True Presence

The act of being genuinely and fully present in the moment, often emphasizing a connection in interpersonal relationships or therapeutic settings.