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[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
[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 $ 27,800 156, eee 58,25 155.ee 138,eee 262, eee 3,250 448,180 11,900 During the month of July, the company had the following activities: a. Issued 5.500 shares of common stock for $550,000 cash. b. Borrowed $135,000 cash from a local bank payable in two years. c. Bought a building for $233,000: pald $90.000 in cash and signed a three-year note for the balance. d. Pald cash for equipment that cost $225.000. e Purchased supplies for $54.250 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
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