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: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 29,000 159,000 39,500 150,000 150,500 239,000 3,500 418,300 12,800 During the month of July, the company had the following activities: a. Issued 5,800 shares of common stock for $580,000 cash. b. Borrowed $111,000 cash from a local bank, payable in two years. c. Bought a building for $290,500; paid $104,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $217,000. e. Purchased supplies for $30,250 on account. 3. Summarize the journal entry effects from part 2 using T-accounts. Cash Supplies Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Equipment Buildings Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Ending Balance Land Accounts Payable Credit Debit Credit Beginning Balance Ending Balance Notes Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Retained Earnings Debit Credit Beginning Balance Ending Balance Ending Balance