During its first month of operations, March 2015, Faye€™s Fashions Inc. completed seven transactions with the dollar effects indicated in the following T-accounts:

Required:
1. Write a brief explanation of transactions (a) through (g). Explain any assumptions that you made.
2. Compute the ending balance in each account and prepare a classified statement of financial position for Faye€™s Fashions Inc. at the end of March 2015.

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Cash Short-Tem Investments Short-Term Note Receivable (a) 50,000 4,000(d) 6,000 2,000 )4,000 (f) 2,000 4,000 (c) 6,000 (d) 3,000 (e) Computer Equipment (g) 4,000 TruckLong-Term Note Payable (b) 25,000 (e) 3,000 21,000 () Contributed Capital 50,000 (a) 4,000 (g)