Shaw Mercantile Company had the following transactions during 2012.

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

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,000

Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,000

Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000

Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 165,000

Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,500*

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $262,500

*A note of $6,000 on the equipment was assumed by the company.

b. Sold merchandise that cost $32,000 for $52,000; $20,000 cash was received immediately, and the other $32,000 will be collected in 30 days.

c. Paid off the note of $6,000 plus $500 interest.

d. Purchased merchandise costing $14,000, paying $6,000 cash and issuing a note for $8,000.

e. Exchanged $6,000 cash and $6,000 in capital stock for office equipment costing $12,000.

f. Purchased a truck for $25,000 with $5,000 down and a one-year note for the balance.

Required:

1. Journalize the transactions. (Omit explanations.)

2. Post the journal entries using T-accounts for each account.

3. Prepare a trial balance at December 31,2012.