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. 3. Summarize the journal entry effects from part 2 using T-accounts. Cash Supplies Credit Credit Debit Beginning Balance e. Debit Beginning Balance Ending Balance Ending Balance Equipment Buildings Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Land Accounts Payable Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Notes Payable Common Stock Credit Debit Beginning Balance Credit Debit Beginning Balance rences Ending Balance Ending Balance Retained Earnings Credit Debit Beginning Balance Ending Balance