During the month of July, the company had the following transactions:

1. Issued 3,700 shares for $370,000 cash.
2. Borrowed $120,000 cash from a local bank, payable in two years.
3. Bought a factory building for $212,000; paid $97,000 in cash and signed a three-year note for the balance.
4. Paid cash for equipment that cost $230,000.

Purchased supplies for $34,500 on account

Summarize the journal entry effects from requirement 2 using T-accounts.