Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 $ 25,000 104,500 30,500 195,000 133,000 Land Notes Payable long term Retained Earnings Supplies $ 215,000 5,000 266,500 8,500 During the month of July, the company had the following transactions: a. Issued 3.700 shares for $370,000 cash. b. Borrowed $120,000 cash from a local bank payable in two years c. Bought a factory building for $212.000 paid $97.000 in cash and signed a three year note for the balance d. Pald cash for equipment that cost $230,000 e Purchased supplles for $34,500 on account Required: 1. Analyze transactions()-(e) to determine their effects on the accounting equation (Enter any decreases to account balances with a minus sign.) Transaction Assets Liabilities Shareholders' Equity b se to search 0 216 Mostly YouTube Maps ent #2 - Chapter 2 Saved 2. Record the transaction effects determined in requirement 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 ces

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

0130674842, 978-0130674845

Students also viewed these Accounting questions