Consider the market for widgets. Widgets are produced in the United States, unless producers aren’t willing to meet the quantity demanded at a particular price. In that case, widgets are imported. Suppose that the price with free trade is $7. If lawmakers want to ensure that U. S. widget producers can sell at least 8,000 widgets, what might they do?

Price

Quantity Demand

Quantity SuppliedDomestically

Quantity Imported

$613,0002,0008,000
$712,0004,0008,000
$811,0006,0005,000
$910,0008,0002,000
$109,0009,0000
$118,00010,0000
impose a tax on imported widgets

provide a subsidy for imported widgets

impose an import quota

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)