Required information [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 $28,600 Buildings 197,000 Cash 56,000 Common Stock 230,000 Equipment 119,000 Land 263,000 Notes Payable (long-term) 6,750 376,850 7,200 Retained Earnings Supplies During the month of July, the company had the following activities: a. Issued 5,400 shares of common stock for $540,000 cash b. Borrowed $119,000 cash from a local bank, payable in two years. c. Bought a building for $257,500 paid $90,500 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $222,000 e. Purchased supplies for $33.750 on account. Supplies Beg Bal 3. Summarize the journal entry effects from part 2 using T-accounts Beg Bal Cash < Prev 3 456 of 6 Next > $ G Search or type URL % 25 96 54 #3 V E R D LL &7 T Y J . 0 U ' 6 1 O 0 G H J K P L