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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
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
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