Bearings & Brakes Corporation (B&B) was Incorporated as a private company. The company's accounts Included the following at June 30: Accounts Payable $ 94,69e 679,889 187,800 4e,b98 Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 182,09 529,890 18,698 1,851,088 7,809 During the month of July. the company had the following activities: a Issued 4,600 shares of common stock for $460,000 cash b. Borrowed $145,000 cash from a local bank, payable In four years. . Bought a building for $200,000, paid $83,000 in cash and signed a three-year note for the balance. d. Pald cash for equipment that cost $107,000. e. Purchased supplies for $107000 on account. Required: 1 Analyze transactions (a)He)to determine thelr effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) 670,000Accounts Payable 182,000 529,000 4000Common Stock 240,000 Payable (long-term) 10,000 Retained Earnings 1,001,000 7,000 107,000 Bearings & Brakes Corporation (B&B) was Incorporated as a private company. The company's accounts Included the following at June 30: Accounts Payable $ 94,69e 679,889 187,800 4e,b98 Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 182,09 529,890 18,808 1,851,888 7,808 During the month of July the company had the following activities: a Issued 4,600 shares of common stock for $460,000 cash b. Borrowed $145,000 cash from a local bank, payable In four years. c. Bought a building for $200,000; pald $83,000 In cash and slgned a three-year note for the balance. d. Pald cash for equipment that cost $107000. e. Purchased supplies for $107.000 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.) new transaction lst Journal entry worksheet Issued 4,600 shares of common stock for $460,000 cash. Record the Note: Enter debits before credits. Bearings & Brakes Corporation (B&B) was Incorporated as a private company. The company's accounts Included the following at June 30: Accounts Payable $ 94,69e 679,808 187,800 4e,b98 Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 182,09 529,890 18,698 1,851,088 7,889 During the month of July. the company had the following activities: a Issued 4,600 shares of common stock for $460,000 cash b. Borrowed $145,000 cash from a local bank, payable In four years. . Bought a building for $200,000, paid $83,000 in cash and signed a three-year note for the balance. d. Pald cash for equipment that cost $107000. e. Purchased supplies for $107.000 on account. 3. Summarize the Journal entry effects from part 2 using T-accounts Beg. Bal. Beg. Bal. End. Bal End. Bal. Beg. Bal. Beg. Bal. End. Bal End. Bal Payable 4 Prey
