Business

Jase Craig

30 October, 18:17

The following transactions occurred during March, the first month of operations for Quality Galleries, Inc.

* Capital stock 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.

references

What is the balance in the Cash account at the end of March?

$343,000.

$318,000.

$283,000.

$378,000.