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 $ 25,900 118,000 46,500 200,000 123,000 203,000 3,700 274,700 13,800 During the month of July, the company had the following activities: a. Issued 6,100 shares of common stock for $610,000 cash. b. Borrowed $114,000 cash from a local bank, payable in two years. c. Bought a building for $272,250; paid $84,250 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $238,000. e. Purchased supplies for $31,250 on account. 3. Summarize the journal entry effects from part 2 using T-accounts. Beginning Balance a. Ending Balance Cash Supplies Debit Credit Debit Credit Beginning Balance Ending Balance Equipment Buildings Debit Credit Debit Credit Beginning Balance Beginning Balance 8 Required information Equipment Debit Credit Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Buildings Debit Credit Beginning Balance Ending Balance Land Credit Debit Beginning Balance nohit Notes Payable Crarlit Ending Balance Accounts Payable Credit Common Stock Dahit Credit 6. k t nces Required information Notes Payable Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Retained Earnings Debit Credit Beginning Balance Ending Balance Ending Balance Common Stock Credit + Required information No Transaction 1 a Cash Common Stock General Journal Debit Credit 610,000 610,000 2 b Cash Notes Payable (long-term) 114,000 114,000 3 C Buildings 272,250 Cash 84,250 Notes Payable (long-tely) 188,000 4 d Equipment 238,000 Cash 238,000 5 e Supplies 31,250 Accounts Payable 31,250