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Deliberate Speed Corporation (OSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings Cash Common Stock

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Deliberate Speed Corporation (OSC) 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 During the month of July, the company had the following activities: a. Issued 5,600 shares of common stock for $560.000 cash b. Borrowed $106,000 cash from a local bank, payable in two years c. Bought a building for $240,250, paid $90,250 in cash and signed a three year note for the balance. d. Paid cash for equipment that cost $261,000. e Purchased supplies for $33,250 on account. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation (Enter any decreases to account balances with a minus sign.) Assets Cash 56,750 Supplies 9.700 Buildings Equipment 196,000 148,000 Land 201.000 Accounts Payable 24.900 Notes Notes Payable 3 050 Stockholder's Equity Common Retained Earnings 160,000 423 500 Beg

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