W Merchandise Company had the following transactions during 2003 a. Sam Jeakins began business by investing the following assets, receiving capital stock in exchange:
b. Sold merchandise that cost $30,000 for $45,000; $15,000 cash was received immediately, and the other $30,000 will be collected in 30 days.
c. Paid off the note of $5,000 plus $300 interest.
d. Purchased merchandise costing $12,000, paying $2,000 cash and issuing a note for $10,000.
e. Exchanged $2,000 cash and $8,000 in capital stock for office equipment costing $10,000.
f. Purchased a truck for $15,000 with $3,000 down and a one-year note for the balance.
1. Journalize the transactions. (Omit explanations.)
2. Post the journal entries using T-accounts for each account.
3. Prepare a trial balance at December 31, 2003.