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: $ 28,463 114,000 Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 215,000 162,500 286,000 2,400 370, 900 16,283 During the month of July, the company had the following activities a. Issued 3,900 shares of common stock for $390,000 cash. b. Borrowed $110,000 cash from a local bank, payable in two years. c. Bought a building for $251750: paid $92,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $243,000. e Purchased supplies for $30,750 on account. 5. Prepare a classified balance sheet at July 31. DELIBERATE SPEED CORPORATION Balance Sheet At July 31 Assets Liabilities Current Liabilities Accounts Payable Cash Supplies Total Current Assets Total Liabilities Notes Payable (long-term Equipment Budings Total Liabilities and Stockholders' Equity Common Stock Reta ned Earnings Total Stockholders Equity Total abilities and Stockholders Equity