a. Sam Jeakins began business by investing the following assets, receiving capital stock in exchange:

Cash $\$ 20,000$
37,000 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,500 Building. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000 Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,500^{*}$
Totals.
*A note of $\$ 5,000$ on the equipment was assumed by the company.

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, 2000.