Question $1(2$ points$)$

Syntex Company was incorporated January $1.$ The following transactions occurred during the year:

a$.$Received $$50,050$ cash from the company$$s founders in exchange for common stock.

b$.$Purchased land for $$14,500,$ signing a two$-$year note $($ignore interest$).$

c$.$Bought two used delivery trucks at the start of the year at a cost of $$10,000$ each; paid $$2,000$ cash and signed a note due in three years for $$18,000($ignore interest$).$

d$.$Paid $$3,500$ cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.

e$.$Stockholder Tim Thomas paid $$550,000$ cash for a house for his personal use.

Required:

$1.$Analyze each item for its effects on the accounting equation of Syntex Company for the year ended December $31.$

$2.$Record the effects of each item using a journal entry.

$3.$Summarize the effects of the journal entries by account, using the T$-$account format.