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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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