Required Information 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] [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 (Algo) Part 2 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 Journal entry worksheet 1 2 3 4 5 Issued 4,400 shares of common stock for $440,000 cash. Record the transaction. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry Clear entry View general journal