Skidmore Music Company had the following transactions inMarch:
Sold instruments to customers for $16,100; received $11,600 incash and the rest on account. The cost of the instruments was$8,500.
Purchased $4,300 of new instruments inventory; paid $1,500 incash and owed the rest on account.
Paid $700 in wages to employees who worked during the month.
Received $3,200 from customers as deposits on orders of newinstruments to be sold to the customers in April.
Received a $280 bill for March utilities that will be paid inApril.
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