The following transactions occurred during March, the first month of operations for Sangamon, Incorporated: Capital stock was issued in exchange for $353,000 cash. Purchased $166,000 of equipment by making a $53,000 cash down payment and signing a note payable for the balance. Made a $31,500 cash payment on the note payable from the purchase of equipment. Returned a piece of defective equipment for cash of $11,000. What is the balance in the Cash account at the end of March? Multiple Choice $332, 500 $364,000 $311,000

The following transactions occurred during March, the first month of operations for Sangamon, Incorporated: Capital stock was issued in exchange for $353,000 cash. Purchased $166,000 of equipment by making a $53,000 cash down payment and signing a note payable for the balance. Made a $31,500 cash payment on the note payable from the purchase of equipment. Returned a piece of defective equipment for cash of $11,000. What is the balance in the Cash account at the end of March? Multiple Choice $332, 500 $364,000 $311,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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