Questions 11 16 (of 16) Save Exit Submit [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 29,800 121,000 53,250 Cash Common Stock 240,000 Equipment 134,500 Land 285,000 Notes Payable (long-term) Retained Earnings Supplies 3,100 332,850 12,000 During the month of July, the company had the following activities: a. Issued 6,300 shares of common stock for $630,000 cash b. Borrowed $163,000 cash from a local bank, payable c. Bought a building for $204,750; paid $101,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $241,000. e. Purchased supplies for $46,500 on account two years 11 value: Required information 0.62 points Required: ao tronoootiono (ol a to dotormino thoir ofGEootoe tho ae .nting o..tion (Eater an. 11 value: Required information 0.62 points Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholder's Equity Common Stock Accounts Notes Retained Supplies Buildings Equipment Land Cash Payable Payable Earnings 332,850 Beg. 53,250 12,000 121,000 134,500 285,000 29,800 3,100 240,000 a. b. C d e. End. 12 Required information 0.62 points 2. Record the transaction effects determined in part 1 using a journal entry format. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list EX Import a new list 1 Issued 6,300 shares of common stock for $630,000 cash Record the transaction. 2 Borrowed $163,000 cash from a local bank, payable in two years. Record the transaction 3 Bought a building for $204,750; paid $101,750 in cash and signed a three-year note for the balance. Record the transaction Credit Paid cash for equipment that cost $241,000. Record the 4 transaction Purchased supplies for $46,500 on account. Record the transaction 5 Note = journal entry has been entered Record entry Clear entry View general journal 3. Summarize the journal entry effects from part 2 using T-accounts. Cash Supplies Beg. Bal Beg. Bal End. Bal. End. Bal. Equipment Buildings Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable Land Beg. Bal. Beg. Bal End. Bal. End. Bal. Notes Payable Common Stock Beg. Bal. Beg. Bal End. Bal End. Bal. Retained Earnings Beg. Bal. End. Bal. 14. Require value: 0.62 points 4. Prepare a trial balance at July 31 DELIBERATE SPEED CORPORATION Trial Balance Credit Debit Totals 15. value: Required information 0.62 points 5. Prepare a classified balance sheet at July 31 DELIBERATE SPEED CORPORATION Balance Sheet
