In response to requests from customers, a. lopez will begin selling computer software. the company will extend credit terms of 1/10, n/30, fob shipping point, to all customers who purchase this merchandise. however, no cash discount is available on consulting fees. also, success systems does not use reversing entries and, therefore, all revenue and expense accounts have zero beginning balances as of january 1, 2014. its transactions for january through march follow: jan. 4 the company paid cash to lyn addie for five days' work at the rate of $135 per day. four of the five days relate to wages payable that were accrued in the prior year. 5 adria lopez invested an additional $23,100 cash in the company.

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)