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 Connon 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. A2-2 (Algo) Part 3 Summarize the journal entry effects from part 2 using T-accounts. Cash Supplies Debit Credit Debit Credit eginning Balance Beginning Balance Ending Balance Ending Balance Equipment Buildings Debit Credit Debit Credit Beginning Balance eginning Balance Ending Balance Ending Balance Land Accounts Payable Debit Credit Debit Credit Beginning Balance eginning Balance Ending Balance Ending Balance Notes Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Retained Earnings Debit Credit eginning Balance Ending Balance Ending Balance