Deliberate Speed Corporation (DSC) 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 $ 21,400 183,000 42,750 185,000 126,500 278,000 3,750 436,500 16,400 During the month of July, the company had the following activities: a. Issued 4,300 shares of common stock for $430,000 cash. b. Borrowed $143,000 cash from a local bank, payable in two years. c. Bought a building for $223,500; paid $102,500 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $227,000. e. Purchased supplies for $50,750 on account. Summarize the journal entry effects from part 2 using T-accounts. Cash Supplies Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Equipment Buildings Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Land Accounts Payable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Notes Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Retained Earnings Debit Credit Beginning Balance Ending Balance Ending Balance h PART: 2 View transaction list View journal entry worksheet View transaction list View journal entry worksheet Please double check my journal entries No 1 Transaction General Journal Debit Credit a Cash 430,000 Common Stock 430,000 Issued 4,300 shares of common stock for $430,000 cash. Record the transaction. 2 b Cash Borrowed $143,000 cash from a local bank, payable in two years. Record the transaction. Notes Payable (long-term) 143,000 143,000 i 3 Buildings 223,500 3 Bought a building for $223,500; paid $102,500 in cash and signed a three-year note for the balance. Record the transaction. Cash 102,500 Notes Payable (long-term) 121,000 Paid cash for equipment that cost $227,000. Record the transaction. 4 d Equipment 227,000 Cash 227,000 Purchased supplies for $50,750 on account. Record the transaction. Note: journal entry has been entered 5 e Supplies 50,750 Accounts Payable 50,750