Bearings & Brakes Corporation (B&B) was incorporated as a private company. The companys accounts included the following at June 30: Accounts Payable $ 58,000 Buildings 550,000 Cash 95,000 Common Stock 220,000 Equipment 158,000 Land 469,000 Notes Payable (long-term) 10,000 Retained Earnings 991,000 Supplies 7,000 During the month of July, the company had the following activities: a. Issued 3,400 shares of common stock for $340,000 cash. b. Borrowed $85,000 cash from a local bank, payable in four years. c. Bought a building for $176,000; paid $71,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $95,000. e. Purchased supplies for $95,000 on account.

.

Analyze transactions (a)(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.)

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.)

.

Summarize the journal entry effects from part 2 using T-accounts.

Prepare a trial balance at July 31.

Prepare a classified balance sheet at July 31.