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Bearings & Brakes Corporation (B&B) was incorporated as a private company. The companys accounts included the following at June 30: Accounts Payable $82,000 Buildings 610,000
Bearings & Brakes Corporation (B&B) was incorporated as a private company. The companys accounts included the following at June 30:
Accounts Payable | $82,000 |
---|---|
Buildings | 610,000 |
Cash | 101,000 |
Common Stock | 280,000 |
Equipment | 170,000 |
Land | 499,000 |
Notes Payable (long-term) | 4,000 |
Retained Earnings | 1,021,000 |
Supplies | 7,000 |
During the month of July, the company had the following activities:
- Issued 4,000 shares of common stock for $400,000 cash.
- Borrowed $115,000 cash from a local bank, payable in four years.
- Bought a building for $188,000; paid $77,000 in cash and signed a three-year note for the balance.
- Paid cash for equipment that cost $101,000.
- Purchased supplies for $101,000 on account.
- Record the transaction effects determined in part 1 using a journal entry format. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Answer is not complete. \begin{tabular}{|c|c|c|c|c|} \hline No & Transaction & General Journal & Debit & Credit \\ \hline 1 & a & & 43 & \\ \hline & & & & \\ \hline \end{tabular}
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