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 $ 6,350 Buildings 250,000 Cash 6,400 Common Stock 354,000 Equipment 25, 250 Land 188,888 Notes Payable (long-term) 34,500 Retained Earnings Supplies 5,200 During the month of July, the company had the following activities: Issued 2.700 shares of common stock for $270,000 cash b. Borrowed $32,750 cash from a local bank, payable in two years. c Bought a building for $236,000; paid $62.000 in cash and signed a three-year note for the balance d Puld cash for equipment that cost $187.000. e Purchased supplies for $13,200 on account Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. TIP: In transaction (c), three different accounts are affected. (Enter any decreases to account balances with a minus sign.) Assets Stockholders' Equity Answer is not complete. Liabilities Notes Land Accounts Payable Payable (long- term) 108,000 6,350 34,500 Cash Supplies Buildings Equipment Common Stock Retained Earnings Beginning Balance 5.200 250,000 25,250 . 0 354,000 270,000 6,400 270,000 32,750 (62000) b 32,750 174,000 03 236.000 d 187000 13,200 18.400 13.200 19,550 Ending Balance 247.150 486,000 212 250 108.000 241,250 624.000 0 2. Record the transaction effects determined in partising journal entries. Of no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete and correct. Transaction NO 1 General Journal Debit Credit Cash Common Stock 270,000 270,000 2 Cash Notes Payable (long-term) 32,750 30 32.750 3 c 236.000 Buildings Notes Payable (long-term Cash OOO 174 000 62,000 4 d Equipment Cash 187 000 187.000 5 Supplies Accounts Payable 13.200 00 13.200 3. Summarize the journal entry effects from part2 using T-accounts. (TIP: Enter the July 1 balances as the month's beginning balances.) Cach Bupplies Croat Credit Debit Begiming Balance Debit Beginning Balance Ending Balance Ending Balance Equipment Bulidings Credit Credit Debatt Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Land Accounts Payable Credit Credit Debit Beginning Balance Dobit Beginning Balance Endine Balance Ending Balance Common took Nota Payable (long-term Debit Beginning Balance Credit Credit Debit Beginning Balance Ending Balance Erdin Balance Retained Earnings Crear Debt Bogi Band Endings 4. Prepare a trial balance at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance ATHLETIC PERFORMANCE COMPANY Trial Balance Debit Credit 0 $ 0 Totals