After playing several seasons of professional football, Joe Bolt had saved enough money to start a business, to be called Number One Auto Rental. The transactions during March while the new business was being organized are listed below:

Mar. 1 Joe Bolt invested $140,000 cash in the business by making a deposit in a bank account in the name of the new company.

Mar. 3 The new company purchased land and a building at a cost of $120,000, of which $72,000 was regarded as applicable to the land and $48,000 to the building. The transaction involved a cash payment of $41,500 and the issu¬
ance of a note payable for $78,500.
Mar. 5 Purchased 20 new automobiles at $5,600 each from Fleet Sales Company.
Paid $32,000 cash, and agreed to pay another $32,000 by March 26 and the remaining balance by April 15.
Mar. 7 Sold an automobile at cost to Bolt’s father-in-law, Howard Facey, who paid $2,400 in cash and agreed to pay the balance within 30 days.
Mar. 8 One of the automobiles was found to be defective and was returned to Fleet Sales Company. The amount payable to this creditor was thereby reduced by $5,600.
Mar. 20 Purchased office equipment at a cost of $4,480 cash.
Mar. 26 Issued a check for $32,000 in partial payment of the liability to Fleet Sales Company.
The account titles and the account numbers used by the company are as follows:

Instructions a Journalize the March transactions.
b Post to ledger accounts. Use the running balance form of ledger account, c Prepare a trial balance at March 31.

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Cash 10 Automobiles. 22 Accounts receivable. 11 Notes payable 31 Land 16 Accounts payable 32 Buildings. 17 Joe Bolt, capital 50 Office equipment. 20