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Required Information PA2-2 Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet (LO 2-2, LO 2-3, LO
Required Information PA2-2 Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet (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 $ 20,000 1ee, see 36, see 188. eee 118,eee 299, sea 2,800 259, eee 7, Bee During the month of July, the company had the following activities: a. Issued 4,000 shares of common stock for $400.000 cash. b. Borrowed $100.000 cash from a local bank, payable in two years. c Bought a building for $182.000: paid $82.000 in cash and signed a three- year note for the balance. d Paid cash for equipment that cost $200.000 e Purchased supplies for $30.000 on account
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