PA2-2 Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; L0 2-1, 2-2, 2-3, 2-4, 2-5 Preparing and Interpreting the Balance Sheet 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 4,000 shares of common stock for $400,000 cash. b. Borrowed $100,000 cash from a local bank, payable in two years. c. Bought a building for $182,000; paid $82,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $200,000. e. Purchased supplies for $30,000 on account. CHAPTER 2 The Balance Sheet Required: 1. Analyze transactions (a)(e) to determine their effects on the accounting equation, similar to Exhibit 2.5. 2. Record the transaction effects determined in requirement 1 using a journal entry format. 3. Summarize the journal entry effects from requirement 2 using T-accounts. 4. Prepare a trial balance at July 31 . 5. Prepare a classified balance sheet at July 31 . 6. As of July 31 , has the financing for DSC's investment in assets primarily come from liabilities or stockholders' equity