Athletic Performance Company (APC) was incorporated as a private company. The companys accounts included the following at July 1:

Accounts Payable	$	5,950
Buildings		172,000
Cash		14,900
Common Stock		325,000
Equipment		34,500
Land		134,500
Notes Payable (long-term)		33,750
Retained Earnings		0
Supplies		8,800

During the month of July, the company had the following activities:

1. Issued 4,000 shares of common stock for $400,000 cash.
2. Borrowed $54,750 cash from a local bank, payable in two years.
3. Bought a building for $176,250; paid $44,250 in cash and signed a three-year note for the balance.
4. Paid cash for equipment that cost $236,000.
5. Purchased supplies for $13,500 on account.

Record the transaction effects determined in part 1 using journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Summarize the journal entry effects from part 2 using T-accounts. (TIP: Enter the July 1 balances as the months beginning balances.)

Prepare a trial balance at July 31.

Prepare a classified balance sheet at July 31.

As of July 31, has the financing for APCs investment in assets primarily come from liabilities or stockholders equity?

1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets + Cash 14,900 Supplies 8,800 Building 172,000 Equipment 34,500 Land 134,500 Liabilities Accounts Notes Payable Payable 5,950 33,750 Stockholders' Equity Common Retained Stock Earnings 325,000 Beg. End. 14,900 8,800 172,000 34,500 134,500 5,950 33,750 325,000