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 $ 29,000 Buildings 159,000 Cash 39,500 Common Stock 150,000 Equipment 150,500 Land 239,000 Notes Payable (long-term) 3,500 Retained Earnings 418,300 Supplies 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. Pald 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 Credit Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Equipment Buildings Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Land Accounts Payable Credit Credit Debit Beginning Balance Debit Beginning Balance UCY DOIGING UO ULIOIVO Ending Balance Ending Balance Notes Payable Common Stock Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Retained Earnings Credit Debit Beginning Balance * Ending Balance