Beginning Balance b. C. Ending Balance Debit Ending Balance Debit Beginning Balance Notes Payable 2,000 100,000 100,000 202,000 Retained Earnings 259,000 259,000 Credit Credit Beginning Balance a. Debit Ending Balance Common Stock 180,000 400,000 580,000 Credit
Beginning Balance b. C. Ending Balance Debit Ending Balance Debit Beginning Balance Notes Payable 2,000 100,000 100,000 202,000 Retained Earnings 259,000 259,000 Credit Credit Beginning Balance a. Debit Ending Balance Common Stock 180,000 400,000 580,000 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please notice that the answers I write on it might not be correct. Hence, please give me your answers.
Transcribed Image Text:Notes Payable
Common Stock
Debit
Credit
Debit
Credit
Beginning Balance
2,000
Beginning Balance
180,000
b.
100,000
400,000
a.
C.
100,000
Ending Balance
202,000
Ending Balance
580,000
Retained Earnings
Debit
Credit
Beginning Balance
259,000
Ending Balance
259,000
![!
Required information
[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:
$ 20,000
Accounts Payable
Buildings
100,000
36,000
180,000
118,000
200,000
2,000
259,000
7,000
Cash
Common Stock
Equipment
Land
Notes Payable (long-term)
Retained Earnings
Supplies
During the month of July, the company had the following activities:
a. Issued 4,000 shares of common stock for $400,000 cash.
b. Borrowed $100,000 cash from a local bank, payable in two years.
c. Bought a building for $182,000; paid $82,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $200,000.
e. Purchased supplies for $30,000 on account.
3. Summarize the journal entry effects from part 2 using T-accounts.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb7efdc13-0dc0-4f4b-a7af-1a61d8f2354f%2F5e054199-310a-4967-a80f-3b411dfc0108%2F79kkzgc_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[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:
$ 20,000
Accounts Payable
Buildings
100,000
36,000
180,000
118,000
200,000
2,000
259,000
7,000
Cash
Common Stock
Equipment
Land
Notes Payable (long-term)
Retained Earnings
Supplies
During the month of July, the company had the following activities:
a. Issued 4,000 shares of common stock for $400,000 cash.
b. Borrowed $100,000 cash from a local bank, payable in two years.
c. Bought a building for $182,000; paid $82,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $200,000.
e. Purchased supplies for $30,000 on account.
3. Summarize the journal entry effects from part 2 using T-accounts.
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