Required Information PB2-2 (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.] Bearings & Brakes Corporation (B&B) 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 $56,000 520,000 92,000 190,000 152,000 454,000 7,000 976,000 11,000 During the month of July, the company had the following activities: a. Issued 3,100 shares of common stock for $310,000 cash. b. Borrowed $70,000 cash from a local bank, payable in four years. c. Bought a building for $170,000: paid $68,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $92,000. e. Purchased supplies for $92,000 on account. PB2-2 (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 let Journal entry worksheet 1 2345 Issued 3,100 shares of common stock for $310,000 cash. Record the transaction. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry Clear entry View general journal