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

question 33

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 Note Payable account at the end of March?

• A) $120,000.
• B) $85,000.
• C) $35.000.
• D) $155,000

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Definitions:

Cultural Distinctiveness

The unique characteristics and qualities that differentiate one culture from another.

Cultural Influences

The impact that the shared beliefs, values, and practices of a society or group have on individuals' behaviors, perceptions, and interpretations.

Group Behavior

The manner in which individuals behave when they are part of a group, influenced by the dynamics and norms of the group.

Agency Sponsoring

The act of an organization supporting or backing a specific event, project, or initiative, often through financial or resource-based contributions.