Preparing Trail Balances

Required informati PA2-2 Recording Transactions in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [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 $ 21,100 144,000 55,500 220,000 143,000 275,000 6,700 385,800 16,100 During the month of July, the company had the following activities: a. Issued 4,400 shares of common stock for $440,000 cash. b. Borrowed $121,000 cash from a local bank, payable in two years. c. Bought a building for $229,750; paid $88,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $226,000. e. Purchased supplies for $54,750 on account. PA2-2 Part 5 9 Required information PA2-2 Part 5 t 5 of 6 5. Prepare a classified balance sheet at July 31. DELIBERATE SPEED CORPORATION Balance Sheet kipped Book Print 0 0 rences 0 0 $ $