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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,

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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 $ 29,000 Buildings 159,000 39,500 150,000 Equipment 150,500 Land 239,000 Notes Payable (long-term) Retained Earnings Supplies During the month of July, the company had the following activities: Cash Common Stock 3,500 418,300 12,800 a. Issued 5,800 shares of common stock for $580,000 cash. b. Borrowed $111,000 cash from a local bank, payable in two years. c Bought a building for $290,500; paid $104,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $217,000. e. Purchased supplies for $30,250 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 Purchased supplies for $30,250 on account. Record the transaction Note: Enter debits before credits Transaction General Journal Debit Credit Journal entry worksheet Paid cash for equipment that cost $217,000. Record the transaction. Note: Enter debits before credits General Journal Debit Transaction d Credit Bought a building for $290,500; paid $104,000 in cash and signed a three- year note for the balance. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Borrowed $111,000 cash from a local bank, payable in two years. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit b Issued 5,800 shares of common stock for $580,000 cash. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit a

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