4 Part 1 of 5 15 points eBook References Required information PA2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 29,400 136,000 45,000 210,000 158,500 266,000 4,900 369,200 8,000 During the month of July, the company had the following activities: a. Issued 4,800 shares of common stock for $480,000 cash. b. Borrowed $170,000 cash from a local bank, payable in two years. c. Bought a building for $296,000; paid $100,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $251,000. e. Purchased supplies for $41,750 on account. PA2-2 (Algo) Part 1 Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Cash Supplies Beginning Balance 45,000 8,000 Buildings Equipment 136,000 Land 158,500 266,000 = Accounts Payable 29,400 Notes Payable 4,900 + a. b. = + = + Stockholders' Equity Common Stock Retained Earnings 210,000 369,200 C. d. = = + + 6. + Ending Balance 45,000 8,000 136,000 158,500 266,000 = 29,400 4,900 + 210,000 369,200