The manager of Canadiana Gallery Ltd. needs to compute the following information:
a. Total cash paid during March. Analyze Cash.
b. Cash collections from customers during March. Analyze Accounts Receivable.
c. Cash paid on a note payable during March. Analyze Notes Payable.

Prepare a T-account to compute the amounts for (a) through (c).

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Balance Additional Information Account Lsh 2. Accounts Feb. 28 0,000 26,000 13,000 Mar. 31for the Month of March 5,000 24,000 21,000 Cash receipts, $80,000 Sales on account, $50,000 New borrowing, $25,000