The trial balance of My Motor, Inc. on March 1, 20XX, lists the entity's assets, liabilities, and owner's equity on that date. Account Title Debit CreditCash 26,000 Accounts receivable 4,500 Accounts payable 2,000Common Stock 20,500Retained earnings 8,000Total 30,500 30,500During 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 businessb. Paid cash of $40,000 to acquire landc. Performed service for a customer and received cash of $5,000d. Purchased supplies on account, $300e. Performed customer service and earned revenue on account, $2,600f. Paid $1,200 on accountg. Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400.h. Received a $200 utility bill that will be paid next weekj. Paid cash dividends of $1,800Required1. Prepare journal entries for each transaction. Key journal entries by the transaction letter2. Prepare the trial balance of My Motors, Inc. at March 31, 20XX3. Prepare financial statements for My Motors, Inc. for the period ending March 31, 20XX. (Balance sheet and Income statement)

Danielle enjoy working as in certified public accountant (cpa) and assisting small business and individuals with managing their financial and taxes . which general area of accounting is her specialty ?

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.