Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 0 4,550 During the month of July, the company had the following activities: $ 6,750 210,000 27,950 369,000 21, 750 131,000 19,500 a. Issued 2,400 shares of common stock for $240,000 cash. b. Borrowed $49,500 cash from a local bank, payable in two years. c. Bought a building for $197,750; paid $59,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $192,000. Purchased supplies for $18,300 on account. 4. Prepare a trial balance at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Trial Balance Debit Credit
Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 0 4,550 During the month of July, the company had the following activities: $ 6,750 210,000 27,950 369,000 21, 750 131,000 19,500 a. Issued 2,400 shares of common stock for $240,000 cash. b. Borrowed $49,500 cash from a local bank, payable in two years. c. Bought a building for $197,750; paid $59,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $192,000. Purchased supplies for $18,300 on account. 4. Prepare a trial balance at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Trial Balance Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the
following at July 1:
Accounts Payable
Buildings
Cash
Common Stock
Equipment
Land
Notes Payable (long-term)
Retained Earnings
Supplies
During the month of July, the company had the following activities:
$ 6,750
210,000
27,950
369,000
21, 750
131,000
19,500
a. Issued 2,400 shares of common stock for $240,000 cash.
b. Borrowed $49,500 cash from a local bank, payable in two years.
c. Bought a building for $197,750; paid $59,750 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $192,000.
e. Purchased supplies for $18,300 on account.
ATHLETIC PERFORMANCE COMPANY
Trial Balance
0
4,550
4. Prepare a trial balance at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance.
Debit
Credit
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