Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company’s accounts included the following at June 30:Accounts Payable $ 61,000Buildings 580,000Cash 98,000Common Stock 250,000Equipment 164,000Land 484,000Notes Payable (long-term) 13,000Retained Earnings 1,006,000Supplies 4,000During the month of July, the company had the following activities:Issued 3,700 shares of common stock for $370,000 cash.Borrowed $100,000 cash from a local bank, payable in four years.Bought a building for $182,000; paid $74,000 in cash and signed a three-year note for the balance.Paid cash for equipment that cost $98,000.Purchased supplies for $98,000 on account.PB2-2 Part 4Prepare a trial balance at July 31.Next Visit question mapQuestion 4 linked to 5 and 6 of 13 Total 4 5 6 of 13

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company’s accounts included the following at June 30:

Accounts Payable $ 61,000
Buildings 580,000
Cash 98,000
Common Stock 250,000
Equipment 164,000
Land 484,000
Notes Payable (long-term) 13,000
Retained Earnings 1,006,000
Supplies 4,000

During the month of July, the company had the following activities:

Issued 3,700 shares of common stock for $370,000 cash.
Borrowed $100,000 cash from a local bank, payable in four years.
Bought a building for $182,000; paid $74,000 in cash and signed a three-year note for the balance.
Paid cash for equipment that cost $98,000.
Purchased supplies for $98,000 on account.
PB2-2 Part 4
Prepare a trial balance at July 31.

Next Visit question mapQuestion 4 linked to 5 and 6 of 13 Total 4 5 6 of 13

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education