Great Solutions was incorporated as a private company. The company's accounts included the following at June 30:

Accounts Payable 24,900

Buildings 196,000

Cash 56,750

Common Stock 160,000

Equipment 148,000

Land 201,000

Notes Payable(long-term) 3,050

Retained Earnings 423,500

Supplies 9,700

During the month of July, Great Solutions 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 2 years.

c) Bought a building for $240,250; paid $90,250 in cash and signed a 3 year note for the balance.

d) Paid cash for equipment that cost $261,000.

e) Purchased supplies for $33,250 on account.

Summarize the journal entry effects from part 2 using T accounts:

Beg. Bal. Cash 56,750 560,000 106,000 Beg. Bal. e. Supplies 9,700 33,250 40.250 X 261,000 End. Bal. 421,500 End. Bal. 42,950 Beg. Bal. Equipment 148,000 261,000 Beg. Bal. c. Buildings 196,000 40,250 X End. Bal. 409.000 End. Bal. 236,250 Land 201,000 Beg. Bal. Beg. Bal. Accounts Payable 24.900 33,250 End. Bal. 201,000 End. Bal. 58,150 Beg. Bal. Beg. Bal. Notes Payable 3,050 106,000 200,000 Common Stock 160,000 560,000 End. Bal. 309,050 End. Bal. 720.000 Retained Earnings 423,500 Beg. Bal. End. Bal. 423,500