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Bailey Delivery Company, Inc., was organized in 2018 in Wisconsin. The following transactions occurred during the year:

Bailey Delivery Company, Inc., was organized in 2018 in Wisconsin. The following transactions occurred during the year:

1. Received cash from investors in exchange for 10,000 shares of stock (par value of $1.00 per share) with a market value of $11 per share.
2. Purchased land in Wisconsin for $22,000, signing a one-year note (ignore interest).
3. Bought two used delivery trucks for operating purposes at the start of the year at a cost of $13,000 each; paid $6,000 cash and signed a note due in three years for the rest (ignore interest).
4. Paid $2,600 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)
5. Sold one-fourth of the land for $5,500 to Pablo Development Corporation, which signed a six-month note.
6. Stockholder Helen Bailey paid $28,900 cash for a vacant lot (land) in Canada for her personal use.

Required: 1. Using the T-accounts, record the effects of transactions (a) through (f) by Bailey Delivery Company. Cash Short-Term Notes Receivable 0 Beg. Bal. 0 Beg. Bal. End. Bal. End. Bal. Land 0 Equipment 0 Beg. Bal. Beg. Bal. End. Bal. End. Bal. Short-Term Notes Payable 0 Long-Term Notes Payable Beg. Bal. Beg. Bal. 0 End. Bal. End. Bal. Common Stock Additional Paid-in Capital Beg. Bal. 0 Beg. Bal. 0 End. Bal. End. Bal. E2-16 Part 2 2. Prepare a trial balance at December 31, 2018. BAILEY DELIVERY COMPANY, INC. Trial Balance Debit Credit Totals 0 $ 0 E2-16 Part 3 3. Prepare a classified balance sheet for Bailey Delivery Company at December 31, 2018. BAILEY DELIVERY COMPANY, INC. Balance Sheet Assets Liabilities Current assets: Current liabilities: Total current liabilities 0 Total current assets 0 Total liabilities 0 Non-current assets: Stockholders' Equity 0 Total non-current assets Total assets 0 Total stockholders' equity 0 Total liabilities and stockholders' equity 0 E2-18 (Algo) Inferring Typical Investing and Financing Activities in Accounts LO 2-4 The following T-accounts indicate the effects of normal business transactions: Notes Payable 1/1 1/1 Equipment 570 330 280 Notes Receivable 90 365 320 1/1 210 180 130 12/31 12/31 12/31 Required: 2. For each T-account, compute the missing amounts. Missing amounts Equipment Notes receivable Notes payable

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