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 $ 25,900 118,000 46,500 200,000 123,000 203,000 3,700 274,700 13,800 During the month of July, the company had the following activities: a. Issued 6,100 shares of common stock for $610,000 cash. b. Borrowed $114,000 cash from a local bank, payable in two years. c. Bought a building for $272,250; paid $84,250 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $238,000. e. Purchased supplies for $31,250 on account. 3. Summarize the journal entry effects from part 2 using T-accounts. Cash Supplies Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Equipment Buildings Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Land Accounts Payable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Land Accounts Payable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Notes Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Retained Earnings Debit Credit Beginning Balance Ending Balance Ending Balance