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Please help with this three-part question Accounts Payable Accounts Receivable Cash Common Stock Equipment Logo and Trademarks Long-term Notes Payable Retained Earnings Software $ 354,000
Please help with this three-part question
Accounts Payable Accounts Receivable Cash Common Stock Equipment Logo and Trademarks Long-term Notes Payable Retained Earnings Software $ 354,000 71,000 734,600 668,100 59,200 422,400 269,300 118,300 122,500 The company entered into the following transactions during July, Year 3. Stockholders contribute $340,000 cash for additional ownership shares and the company borrows $170,000 in cash from a bank to buy new equipment by signing a formal agreement to repay the loan in 2 years. No other transactions took place during July, Year 3. Required: a. Prepare a classified balance sheet for the company at June 30, Year 3. b. Show the effects of the July transactions on the basic accounting equation. c. Prepare the journal entries that would be used to record the transactions. Complete this question by entering your answers in the tabs below. Required Required Required A | B C Prepare a classified balance sheet for the company at June 30, Year 3. PICK-A-PETS, INC. Balance Sheet At June 30, Year 3 $ $ The company entered into the following transactions during July, Year 3. Stockholders contribute $340,000 cash for additional ownership shares and the company borrows $170,000 in cash from a bank to buy new equipment by signing a formal agreement to repay the loan in 2 years. No other transactions took place during July, Year 3. Required: a. Prepare a classified balance sheet for the company at June 30, Year 3. 5. Show the effects of the July transactions on the basic accounting equation. c. Prepare the journal entries that would be used to record the transactions. Complete this question by entering your answers in the tabs below. Requ... Requ... Requ... Show the effects of the July transactions on the basic accounting equation. (Enter any decreases to account balances with a minus sign.) Transaction Analysis Assets Liabilities + Stockholders' Equity O Required: a. Prepare a classified balance sheet for the company at June 30, Year 3. b. Show the effects of the July transactions on the basic accounting equation. c. Prepare the journal entries that would be used to record the transactions. Complete this question by entering your answers in the tabs below. Required Required Required B C A Prepare the journal entries that would be used to record the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Show less View transaction list Journal entry worksheetStep by Step Solution
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