Required information [The following information applies to the questions displayed below.] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The compar following at June 30 Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $53,000 510,000 91,000 180,000 150,000 449,000 6,000 971,000 10,000 During the month of July, the company had the following activities: a. Issued 3,000 shares of common stock for $300.000 cash. b. Borrowed $65,000 cash from a local bank, payable in four years. c. Bought a building for $168,000; paid $67,000 in cash and signed a three-year note for th d. Paid cash for equipment that cost $91,000. e Purchased supplies for $91,000 on account. 3. Summarize the journal entry effects from part 2 using T-accounts. Cash Supplies Credit Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Equipment Buildings Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Land Accounts Payable 6 Debit Credit Credit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Notes Payable Common Stock Debit Credit Credit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Debit Credit Credit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Retained Earnings Debit Credit Beginning Balance Ending Balance