Prepare journal entries to record each of the following transactions for Sanchez Company. Use the letter of the transaction in place of the date. Include an explanation for each entry.

1. Capital stock was issued for cash, $ 300,000.
2. Purchased trucks by signing a note bearing no interest, $ 210,000.
3. Earned service revenue on account, $ 4,800.
4. Collected the account receivable resulting from transaction (c), $ 4,800.
5. Paid the note payable for the trucks purchased, $ 210,000.
6. Paid utilities for the month in the amount of $ 1,800.
7. Paid salaries for the month in the amount of $ 7,500.
8. Incurred supplies expenses on account in the amount of $ 1,920.
9. Purchased another truck for cash, $ 48,000.
10. Performed delivery services on account, $ 24,000.

2. Using the data above, post the entries to T-accounts. Write the letter of the transaction in the account before the dollar amount. Determine a balance for each account.

3. Using your answer for the previous exercise, prepare a trial balance. Assume the date of the trial balance is March 31.