Deliberate Speed Corporation (DSC) was incorporated as a private company. The companys accounts included the following at June 30:

During the month of July, the company had the following transactions:

1. Issued 3,660 shares for $366,000 cash.
2. Borrowed $124,000 cash from a local bank, payable in two years.
3. Bought a factory building for $216,000; paid $99,000 in cash and signed a three-year note for the balance.
4. Paid cash for equipment that cost $234,000.
5. Purchased supplies for $35,100 on account.

2. Record the transaction effects determined in requirement 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.)

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

4. Prepare a classified balance sheet at July 31.

5. As of July 31, has the financing for DSCs investment in assets primarily come from liabilities or from shareholders equity?

multiple choice

• Shareholders equity

• Liabilities

Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Factory Building Cash Contributed Capital Equipment $ 27,000 105,100 31,100 197,000 135,000 Land Notes Payable (long-term) Retained Earnings Supplies $ 217,000 5,400 267,500 8,700 During the month of July, the company had the following transactions: a. Issued 3,660 shares for $366,000 cash. b. Borrowed $124,000 cash from a local bank, payable in two years. C. Bought a factory building for $216,000; paid $99,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $234,000. e. Purchased supplies for $35,100 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.)