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 Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 28,600 197,000 56,000 230,000 119,000 263,000 6,750 376,850 7,200 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 3. Summarize the journal entry effects from part 2 using T-accounts. Cash Supplies Beg Bal Beg. Bal. End. Bal. End. Bal. Equipment Buildings Beg Bal Beg. Bal End. Bal. End. Bal Land Accounts Payable Beg. Bal. Beg. Bal. End. Bal . End. Bal. Notes Payable Common Stock Beg. Bal. Beg. Bal. End. Bal. . End. Bal. Retained Earnings Beg. Bal. End. Bal. ! 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 Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 28,600 197,000 56,000 230,000 119,000 263,000 6,750 376,850 7,200 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. 4. Prepare a trial balance at July 31. DELIBERATE SPEED CORPORATION Trial Balance Debit Credit Totals Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $9,375 in the company and, in turn, was issued 7,500 shares of common stock. To date, they are the only stockholders. During the first month (January), the company had the following five events: a. Collected a total of $37,500 from the organizers and, in turn, issued common stock. b. Purchased a building for $86,250, equipment for $26,000, and three acres of land for $34,500; paid $32,750 in cash and signed a note for the balance, which is due to be paid in 15 years. c. One stockholder reported to the company that 600 shares of his ABT stock had been sold and transferred to another stockholder for $6,000 cash. d. Purchased supplies for $3,200 cash. e. Sold one acre of land for $11,500 cash to another company. Required: 2. During the first month, the records of the company were inadequate. You were asked to prepare a summary of the preceding transactions. To develop a quick assessment of their economic effects on ABT, complete the spreadsheet that follows. 4. Based on the completed spreadsheet, compute the following amounts: 5. As of January 31, has the financing for ABT's investment in assets primarily come from liabilities or stockholders' equity? Complete this question by entering your answers in the tabs below. Required 2 Required 4 Required 5 During the first month, the records of the company were inadequate. You were asked to prepare a summary of the preceding transactions. To develop a quick assessment of their economic effects on ABT, complete the spreadsheet that follows. (Enter any decreases to account balances with minus sign.) Assets + Cash Supplies Land Building Equipment Liabilities Notes Payable 0 Stockholders' Equity Common Retained Stock Earnings 0 0 Beg. 0 0 0 0 0 a b. c d. e End.