1 answer

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)


Answers

No. Date Credit ($) Journal Account Titles and Explanation Cash Note payable (To record the issuance of note payable) Debit (CR Beginning Bal. Note payable Service revenue Accounts receivable Cash 26,000 Land 45,000 Accounts payable 5,000 Salaries exMy Motors, Inc Trial Balance as on March 31,20XX Account Title Debits Credits 1,100 4,000 31,200 20,500 40,000 1,500 3,000 Ac7,600 My Motors, Inc Income Statement For the Year Ended March 31, 20XX Service revenue Less: Operating expenses: Rent expens

.

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