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 activities:

1. Issued 5,800 shares of common stock for $580,000 cash.
2. Borrowed $111,000 cash from a local bank, payable in two years.
3. Bought a building for $290,500; paid $104,000 in cash and signed a three-year note for the balance.
4. Paid cash for equipment that cost $217,000.
5. Purchased supplies for $30,250 on account.

Part 1) Prepare a classified balance sheet at July 31.

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

AccountsPayableBuildingsCashCommonStockEquipmentLandNotesPayable(long-term)RetainedEarningsSupplies$29,000159,00039,500150,000150,500239,0003,500418,30012,800