J&W Merchandise Company had the following transactions during 2003.

a. Sam Jeakins began business by investing the following assets, receiving capital stock in exchange: Cashes. Wtetiryy StU OS Oe ARTE AERO TT eer, Fae, SNE, 2 SS oe $ 20,000 IIVENMLORYgcntrra carne cress hate cre nace a os cc seMenct teen Men ar eam ns hc 37,000 Lanes taal tego oreh sue Gh arGr a cas LA ee OP Ce eee 25,500 Bulileliing: ee teres e-setnen ttre arse apes ner ape eietigs nit Ge a eer a ee ce 160,000 EQUIPIMEG ME oie these edend oc sa. 'hvcen.oy Ni Rex asaeet wan Arar tae 4atoeinics tay gies TA a ae 12,500* [Ota SIR eee RRONERE cS a's. bs, shoe oreo 2 RR Seta Sel Actelion pel See ee $255,000 *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, 2003.