Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $61,000 580,000 98,000 250,000 164,000 484,000 13,000 1,006,000 4,000 During the month of July, the company had the following activities: a. Issued 3,700 shares of common stock for $370,000 cash. b. Borrowed $100,000 cash from a local bank, payable in four years. c. Bought a building for $182,000; paid $74,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $98,000. e. Purchased supplies for $98,000 on account. Required: 1. Analyze transactions (a)-e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders Equity Common Stock Cash Supplies Buildings Equipment Accounts Payable Notes Payable (long-term) a. b. C. d. e. 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 list Journal entry worksheet Issued 3,700 shares of common stock for $370,000 cash. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit a 4. Prepare a trial balance at July 31. BEARINGS & BRAKES CORPORATION Trial Balance Debit Credit Totals $ 0 $ 0 5. Prepare a classified balance sheet at July 31. BEARINGS & BRAKES CORPORATION Balance Sheet 0 0 $ $ 0