Revenue Service Revenue Less Expenses: Total Expenses Net Income NET PROFIT MARGIN Athletic Performance Company Trial Balance At July 31 Cash: Supplies: Land: Building: Equipment: Accounts Payable: Notes Payable: Common Stock: Retained Earnings: Total: Textbook Problem: CP2-2 Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; (p. 87) Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1 : During the month of July, the company had the following activities: 1. Issued 2,000 shares of common stock for $200,000 cash. 2. Borrowed $30,000 cash from a local bank, payable in two years. 3. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance. 4. Paid cash for equipment that cost $100,000. 5. Purchased supplies for $10,000 on account. Instruction: 1. Post July 1 balances into T-Accounts. Refer to CP22 in your textbook on page 87. 2. Analyze and journalize the transactions during the month - Nos. 1 to 5 above. 3. Post the amounts from the journal entries during the month to T-Accounts. 4. Calculate the ending balances of each account 5. Complete the Trial Balance below by entering the amount in the provided boxes. - Note: Do not include the dollar sign when entering the amount. Revenue Service Revenue Less Expenses: Total Expenses Net Income NET PROFIT MARGIN Athletic Performance Company Trial Balance At July 31 Cash: Supplies: Land: Building: Equipment: Accounts Payable: Notes Payable: Common Stock: Retained Earnings: Total: Textbook Problem: CP2-2 Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; (p. 87) Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1 : During the month of July, the company had the following activities: 1. Issued 2,000 shares of common stock for $200,000 cash. 2. Borrowed $30,000 cash from a local bank, payable in two years. 3. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance. 4. Paid cash for equipment that cost $100,000. 5. Purchased supplies for $10,000 on account. Instruction: 1. Post July 1 balances into T-Accounts. Refer to CP22 in your textbook on page 87. 2. Analyze and journalize the transactions during the month - Nos. 1 to 5 above. 3. Post the amounts from the journal entries during the month to T-Accounts. 4. Calculate the ending balances of each account 5. Complete the Trial Balance below by entering the amount in the provided boxes. - Note: Do not include the dollar sign when entering the amount
