Required information [The following information applies to the questions displayed 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 $ 8,650 286,000 7,000 403,000 32,000 Equipment Land Notes Payable (long-term) Retained Earnings Supplies 118,000 35,500 4,150 During the month of July, the company had the following activities: a. Issued 4,400 shares of common stock for $440,000 cash. b. Borrowed $35,000 cash from a local bank, payable in two years. c. Bought a building for $182,000; paid $56,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $207,000. e. Purchased supplies for $16,500 on account. 3. Summarize the journal entry effects from part 2 using T-accounts. (TIP: Enter the July 1 balances as the month's beginning balances.) Cash Supplies Debit Credit Debit Credit Beginning Balance Beginning Balance Debit Beginning Balance a. Cash 7,000 b. Supplies Credit Debit Credit Beginning Balance 4,150 440,000 56,000 C. e. 16,500 35,000 207,000 d. Ending Balance 219,000 Equipment Debit Credit 32,000 207,000 Beginning Balance d. Ending Balance 239,000 Land Debit Credit 118,000 Beginning Balance Ending Balance Debit Beginning Balance b. C. 118,000 Notes Payable (long-term) 35,500 x 35,000 126,000 Ending Balance 196,500 Credit Ending Balance 20,650 Buildings Debit Credit Beginning Balance 286,000 C. 182,000 Ending Balance 468,000 Accounts Payable Debit Credit Beginning Balance 8,650 e. 16,500 Ending Balance 25,150 Common Stock Debit Credit Beginning Balance 403,000 a. 440,000 Ending Balance 843,000