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Cecil

CP2-2 Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; LO 2 Preparing and Interpreting the Balance Sheet Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1 : During the month of July, the company had the following activities: a. Issued 2,000 shares of common stock for $200,000 cash. b. Borrowed $30,000 cash from a local bank, payable in two years. c. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $100,000. e. Purchased supplies for $10,000 on account. Textbook Problem: CP2-2 Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; (p.87) Athletic Performance Company (APC) was incorporated as a private company. The company's account included the following at July 1 : During the month of July, the company had the following activities: 1. Issued 2,000 shares of common stock for $200,000 cash. 2. Borrowed $30,000 cash from a local bank, payable in two years. 3. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance. 4. Paid cash for equipment that cost $100,000. 5. Purchased supplies for $10,000 on account. Instruction: 1. Post July 1 balances into T-Accounts 2. Analyze and journalize the transactions from Nos. 1 to 5 . 3. Post the amounts from the joumal entries to T-Accounts created in No. 1 4. Calculate the ending balances of each account 5. Complete the Trial Balance below by entering the amount in the provided boxes. 1. Do not include the dollar sign when entering the amount. 2. For an account with debit balance, enter the amount in the first box and * on the 2nd box. For an account with credit balance, enter the amount in the 2nd box and * in the 1st box. Example: 1. Cash had a debit balance of $150,000 2. Accounts Payable had a credit balance of $10,000 \& 4 Quiz D. Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance Weeks 3 \& 4 Quiz D. Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance