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Required information [The following information applies to the questions displaved below Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included

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Required information [The following information applies to the questions displaved below Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term)22,750 Retained Earnings $ 6,700 268,000 10,150 404,000 34,750 112,000 8,550 During the month of July, the company had the following activities a. Issued 3,400 shares of common stock for $340.000 cash b. Borrowed $34.250 cash from a local bank, payable in two years C Bought a building for $211000; paid $55.000 in cash and signed a three-year note for the balance d. Paid cash for equipment that cost $127000 e Purchased supplies for $18,500 on account a. Summarize the journal entry effects from part 2 using T-accounts. TiP. Enter the July 1 balances as the month's beginning balances)

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