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what did i do wrong here? a Received $49,000 cash from the organizers in exchange for shares in the new company b. Purchased land for
what did i do wrong here? a Received $49,000 cash from the organizers in exchange for shares in the new company b. Purchased land for $17.800 and signed a one-year note (at a 6 percent annual interest rate) c Bought two used delivery trucks for operating purposes at the start of the year at a cost of $13,600 each paid $6,800 cash and signed a promissory note for the balance, payable over the next three years (at an annual interest rate of 7 percent). d. Sold one-fourth of the land for $4,450 to Birkins Moving, which promised to pay in six months e Paid $3,800 cash to a truck repair shop for a new motor for one of the trucks. (Hint: Increase the account you used to record the purchase of the trucks since the usefulness of the truck has been improved.) Traded the other truck and $7,800 cash for a new one. The old truck's fair value is $13,600 9 Shareholder Jonah Lee paid $29,300 cash for a vacant lot (land) for his personal use: h Collected the amount of the note due from Birkins Moving in (d Pald one-third of the principal of the note due for the delivery trucks in (c) Required: 1. Post the above transactions into the appropriate T-accounts, beginning balances is $0 for all accounts. Answer is not complete. Cash Beg bal Beg bal d Short-Term Notes Receivable 0 4450 4.450 3 lo 49,000 4.450 slo h e. 6.800 3,800 7,800 6,800 OOOO E End bal 28.250 End, bal Land 0 Equipment Beg, bal b Beg bal 17.800 4.450 d c. OO 27,200 3,800 e 13.600 End bal 13,350 End bal 17 400 Long-Term Notes Payable Short-Term Notes Payable 0 Beg bal 17.800 lb 0 Beg hal > 6800 20.400 C 17.800 End, bal 13,600 End bal Contributed Capital Begal 49.000 a $
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