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Deliberate Speed Corporation (DSC) was incorporated as a private company. The companys accounts included the following at June 30: Accounts Payable $ 27,800 Buildings 156,000

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

Accounts Payable $ 27,800
Buildings 156,000
Cash 58,250
Common Stock 155,000
Equipment 138,000
Land 262,000
Notes Payable (long-term) 3,250
Retained Earnings 440,100
Supplies 11,900

During the month of July, the company had the following activities:
a. Issued 5,500 shares of common stock for $550,000 cash.
b. Borrowed $135,000 cash from a local bank, payable in two years.
c. Bought a building for $233,000; paid $90,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $225,000.
.

e. Purchased supplies for $54,250 on account /// 1. prepare a trial balance at July 31. 2. Prepare a classified balance sheet at July 31

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