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in need of parts 3,4,5 please help heres parts 1 and 2 need help with 3,4,5 please 3. Summarize the journal entry effects from part
in need of parts 3,4,5 please help
heres parts 1 and 2 need help with 3,4,5 please
3. Summarize the journal entry effects from part 2 using T-accounts. nding Balance 4. Prepare a trial balance at July 31 . 5. Prepare a classified balance sheet at July 31 . Required information PA2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the' following at June 30 : During the month of July, the company had the following activities: a. Issued 6,300 shares of common stock for $630,000 cash. b. Borrowed $163,000 cash from a local bank, payable in two years. c. Bought a building for $204,750 : paid $101,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $241,000. e. Purchased supplies for $46,500 on account. PA2-2 (Algo) Part 1 Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Record the transaction effects determined in part 1 using a journal entry format. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 3. Summarize the journal entry effects from part 2 using T-accounts. During the month of July, the company had the following activities: a. Issued 6,300 shares of common stock for $630,000 cash. b. Borrowed $163,000 cash from a local bank, payable in two years. c. Bought a building for $204,750; paid $101,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $241,000. e. Purchased supplies for $46,500 on account. PA2-2 (Algo) Part 4 4. Prepare a trial balance at July 31. 5. Prepare a classified balance sheet at July 31 Step by Step Solution
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