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Athletic Performance Company (APC) was incorporated as a private company. The companys accounts included the following at July 1: During the month of July, the
Athletic Performance Company (APC) was incorporated as a private company. The companys accounts included the following at July 1: During the month of July, the company had the following activities: Issued 2,000 shares of common stock for $200,000 cash. Borrowed $30,000 cash from a local bank, payable in two years. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance. Paid cash for equipment that cost $100,000. Purchased supplies for $10,000 on account. Instruction: Post July 1 balances into T-Accounts. Refer to CP2-2 in your textbook on page 87. Analyze and journalize the transactions during the month - Nos. 1 to 5 above. Post the amounts from the journal entries
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