HWK40 - g. Paid the following cash expenses: salaries,...

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Homework 4 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.
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Unformatted text preview: 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. Key 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. (Balance sheet and Income statement) Note: Posting the transactions using the T-account format may be helpful, but is not required to be submitted....
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This note was uploaded on 02/28/2011 for the course ACCT 3366 taught by Professor Harris during the Spring '11 term at University of Houston.

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HWK40 - g. Paid the following cash expenses: salaries,...

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