Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable $103,000 Buildings 700,000 Cash 110,000 Common Stock 370,000 Equipment 188,000 Land 544,000 Notes Payable (long-term) 13,000 Retained Earnings 1,066, 000 Supplies 10,000 During the month of July, the company had the following activities: a. Issued 4,900 shares of common stock for $490,000 cash. b. Borrowed $160,000 cash from a local bank, payable in four years. c Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $110,000. e. Purchased supplies for $110,000 on account. 2. 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.) View transaction ist Journal entry worksheet Borrowed $160,000 cash from a local bank, payable in four years. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Transaction b Cash Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance. Record the transaction. Jote: Enter debits before credits. Transaction General Journal Debit Credit Buildings Journal entry worksheet