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urgent Required information [The following information applies to the questions displayed below] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's
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Required information [The following information applies to the questions displayed below] Bearings & Brakes Corporation (B&B) 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 $ 94,000 670,000 107,000 340,000 102,000 529,000 10,000 1.051.000 7,000 During the month of July, the company had the following activities! a. Issued 4,600 shares of common stock for $460,000 cash b. Borrowed $145,000 cash from a local bank, payable in four years. c. Bought a building for $200,000; paid $83,000 in cash and signed a three-year note for the balance d. Paid cash for equipment that cost $107.000 e. Purchased supplies for $107,000 on account Summer 3. Summarize the journal entry effects from part 2 using T-accounts. Cash Beg. Bal. a. Supplies Beg. Bal C. End. Bal End. Bal Equipment Beg. Bal. Buildings Beg. Bal End. Bal. End. Bal Land Beg. Bal. Accounts Payable Bog. Bal End. Bal End. Bal Notes Payable Beg Bal Common Stock Beg Bal End. Bal. End. Bal. Land Beg. Bal Accounts Payable Beg. Bal. End. Bal. End. Bal. Notes Payable Beg Bal. Common Stock Beg Bal. End. Bal End. Bal Retained Earnings Beg. Bal End. Bal Step by Step Solution
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