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]Deliberate Speed Corporation (DSC) was incorporated as a private company. The companys accounts included the following at June 30:

Accounts Payable$ 21,100Buildings144,000Cash55,500Common Stock220,000Equipment143,000Land275,000Notes Payable (long-term)6,700Retained Earnings385,800Supplies16,100

During the month of July, the company had the following activities:

1. Issued 4,400 shares of common stock for $440,000 cash.
2. Borrowed $121,000 cash from a local bank, payable in two years.
3. Bought a building for $229,750; paid $88,750 in cash and signed a three-year note for the balance.
4. Paid cash for equipment that cost $226,000.
5. Purchased supplies for $54,750 on account.

PA2-2 (Algo) Part 3

1. Summarize the journal entry effects from part 2 using T-accounts.