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! Required information [ The following information applies to the questions displayed below. ] Bailey Delivery Company, Incorporated, was organized in 2 0 2 1
Required information
The following information applies to the questions displayed below.
Bailey Delivery Company, Incorporated, was organized in in Wisconsin. The following transactions occurred during the year:
a Received cash from investors in exchange for shares of stock par value of $ per share with a market value of $ per share.
b Purchased land in Wisconsin for $ signing a oneyear note ignore interest
c Bought two used delivery trucks for operating purposes at the start of the year at a cost of $ each; paid $ cash and signed a note due in three years for the rest ignore interest
d Paid $ cash to a truck repair shop for a new motor for one of the trucks. Increase the account you used to record the purchase of the trucks because the productive life of the truck has been improved
e Sold onefourth of the land for $ to Pablo Development Corporation, which signed a sixmonth note.
f Stockholder Helen Bailey paid $ cash for a vacant lot land in Canada for her personal use.
Required:
Using the Taccounts, record the effects of transactions by Bailey Delivery Company.
tableCashDebitCreditBeginning Balance,Ending BalanceLandDebitCreditRoninninn Ralanro,n
tableShortTerm Notes ReceivableDebitCreditBeginning Balance,Ending BalanceEquipmentDebitCreditRoninnina Ralanco,n
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