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Bearings & Brakes Corporation (B&B) was incorporated as a private company. The companys accounts included the following at June 30: Accounts Payable $ 88,000

Buildings 650,000

Cash 105,000

Common Stock 320,000

Equipment 178,000

Land 519,000

Notes Payable (long-term) 8,000

Retained Earnings 1,041,000

Supplies 5,000

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 $135,000 cash from a local bank, payable in four years.

C-Bought a building for $196,000; paid $81,000 in cash and signed a three-year note for the balance.

D-Paid cash for equipment that cost $105,000.

E-Purchased supplies for $105,000 on account.

3.Summarize the journal entry effects from part 2 using T-accounts.