7 Required InformationE2-16 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing a Balance Sheet, andEvaluating the Current Ratio over Time as a Bank Loan Officer LO2-4, 2-5[The following information applies to the questions displayed below.]Bailey Delivery Company, Incorporated, was organized in 2021 in Wisconsin. The following transactions occurred duringthe year.a. Received cash from investors in exchange for 11,000 shares of stock (par value of $1.00 per share) with a marketvalue of $8 per share.b. Purchased land in Wisconsin for $17,000, signing a one-year note (ignore interest).c. Bought two used delivery trucks for operating purposes at the start of the year at a cost of $13,000 each; paid$2,000 cash and signed a note due in three years for the rest (ignore interest).d. Paid $1,900 cash to a truck repair shop for a new motor for one of the trucks. (Increase the account you used torecord the purchase of the trucks because the productive life of the truck has been improved)e. Sold one-fourth of the land for $4,250 to Pablo Development Corporation, which signed a six-month note.f. Stockholder Helen Bailey paid $28,200 cash for a vacant lot (land) in Canada for her personal use.E2-16 Part 22. Prepare a trial balance at December 31, 2021.CashLandBAILEY DELIVERY COMPANY, INCORPORATEDTrial BalanceAt December 31, 2021Long-term notes payableShort-term note receivableShort-term notes payableEquipmentTotalsDebit$ ACredit0 $0

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A trial balance is where all the credit and debit balances are recorded in the debit and credit…

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E2-16 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing a Balance S Evaluating the Current Ratio over Time as a Bank Loan Officer LO2-4,2-5 [The following information applies to the questions displayed below.] Bailey Delivery Company, Incorporated, was organized in 2021 in Wisconsin. The following transactions oc the year. 10 S NAVALIKU O B a. Received cash from investors in exchange for 11,000 shares of stock (par value of $1.00 per share) wit a Pente

E2-16 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing a Balance S Evaluating the Current Ratio over Time as a Bank Loan Officer LO2-4,2-5 [The following information applies to the questions displayed below.] Bailey Delivery Company, Incorporated, was organized in 2021 in Wisconsin. The following transactions oc the year. 10 S NAVALIKU O B a. Received cash from investors in exchange for 11,000 shares of stock (par value of $1.00 per share) wit a Pente

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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