Price must exceed cost to make a profit, but price cannot exceed the customer's perception of value or you will have difficulty selling the product. you are considering basic methods for determining price, either a cost-based approach or a value-based approach. although both cost and customer perceptions of value are important, for now you focus on one aspect. to make a decision, you ask the v. p. of finance and the v. p. of customer service for advice. listen to their opinions, and then decide which approach you would like to take to evaluate the best price. once you choose an approach, you will use it to determine what to do next?

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)