At the beginning of March, Crane Software Company had Cash of $11,975, Accounts Receivable of $18,157, Accounts Payable of $3,841, and G. Crane, Capital of $26,291. During the month of March, the following transactions occurred.
1.Purchased equipment for $22,911 from Digital Equipment. Paid $2,111 cash and signed a note payable for the balance.
2. Received $11,913 from customers for contracts billed in February.
3. Paid $2,856 for March rent of office space.
4. Paid $2,630 of the amounts owing to suppliers at the beginning of March.
5. Provided software services to Kwon Construction Company for $6,524 cash.
6. Paid BC Hydro $1,008 for energy used in March.
7. G. Crane withdrew $4,984 cash from the business.
8. Paid Digital Equipment $2,184 on account of the note payable issued for the equipment purchased in transaction 1. Of this, $104 was for interest expense.
9. Hired an employee to start working in April.
10. Incurred advertising expense on account for March, $1,377.