# The trial balance of My Motor, Inc. on March 1, 20XX, lists the entity’s assets, liabilities,...

###### Question:

The trial balance of My Motor, Inc. on March 1, 20XX, lists the entity’s assets, liabilities, and owner’s equity on that date.

 Balance Account Title Debit Credit Cash 26,000 Accounts receivable 4,500 Accounts payable 2,000 Common Stock 20,500 Retained earnings 8,000 Total 30,500 30,500

During March, the business engaged in the following transactions:

a. Borrowed $45,000 from the bank and signed a note payable in the name of the business. b. Paid cash of$40,000 to acquire land.

c. Performed service for a customer and received cash of $5,000. d. Purchased supplies on account,$300.

e. Performed customer service and earned revenue on account, $2,600. f. Paid$1,200 on account.

g. Paid the following cash expenses: salaries, $3,000; rent,$1,500; and interest, $400. h. Received$3,100 on account.

i. Received a $200 utility bill that will be paid next week. j. Paid cash dividends of$1,800. Required:

1.) Prepare journal entries for each transaction. Enter journal entries by the transaction letter.

2.) Prepare the trial balance of My Motors, Inc. at March 31, 20XX.

3.) Prepare financial statements for My Motors, Inc. for the period ending March 31, 20XX. (Income Statement and Balance sheet)

#### Similar Solved Questions

##### Why aren’t actual manufacturing overhead costs traced to jobs just as direct materials and direct labor...
Why aren’t actual manufacturing overhead costs traced to jobs just as direct materials and direct labor costs are? Accountants are generally rather exact ( after all, all debris have to equal credits) but there is a lot of estimating involved in overhead application. Should this overhead appli...
##### In the circuit shown, find the voltage of the C=66 μμF capacitor. Find the energy stored...
In the circuit shown, find the voltage of the C=66 μμF capacitor. Find the energy stored on the 64 μμF capacitor. In the circuit shown, find the voltage of the C-66 μF capacitor 15 V 64 μF Answer: Choose. 7 Find the energy stored on the 64 μF capacitor. Answer: Choose.. ▼...
##### Find the output voltage transfer function 32 r°c] | reference temperature -38,74 52,17 E LHV 1+10s...
Find the output voltage transfer function 32 r°c] | reference temperature -38,74 52,17 E LHV 1+10s measured temperature l 9 -13,432 3,319-102 ()+ 2,071-1043 2,195.10° ( )*+...
##### 4. Answer questions based on the following structure: (17 marks) a) Name the functional groups that...
4. Answer questions based on the following structure: (17 marks) a) Name the functional groups that are circled in the structure below (6 marks) b) Answer questions based on the above structure: • Give the hybridization for the atoms (11 marks) Give approximate bond angles about the atoms label...
##### If freddy tosses a coin three times, what is the probability that the coin will turn up hesds,tails,heads, tails in that order
if freddy tosses a coin three times, what is the probability that the coin will turn up hesds,tails,heads, tails in that order? I came up with 1/2 correct?also the ratio length to the width of the alamo isabout 5to 3 if the width of the alamo is 63ft about how long is the alamo? would that be 37.4ft...
##### Which city became the capital for the Russian Empire under the czars?
Which city became the capital for the Russian Empire under the czars?...

##### If you have a gambling strategy explain why minimizing E( (profit / loss)^2 ) may or...
If you have a gambling strategy explain why minimizing E( (profit / loss)^2 ) may or may not be what you are interested in doing....
##### 3. The mass of block is 10 kg and the horizontal force applied to the block...
3. The mass of block is 10 kg and the horizontal force applied to the block as shown in Figure below is 100 N. The coefficients of kinetic friction between the block and the inclined plane is μ,-0.2. Determine the acceleration of the block and its direction. Draw free body diagram and write the n...