Please answer within the proper format with all supporting calculation seperately Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June30:Accounts PayableBuildingCashContributed CapitalEquipmentDuring the month of July, the company had the following transactions:a. Issued 4,000 shares for $400,000 cash.Transactiona.b.C.b. Borrowed $90,000 cash from a local bank, payable in two years.c. Bought a factory 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 $30,000 on account.d.0.Required:1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with aminus sign.)$ 10,000View transaction list100,00026,000180,000 Supplies118,000<LandNotes Payable (long-term)Retained Earnings1Journal entry worksheet2 3 4 5Assots2. Record the transaction effects determined in requirement 1 using a journal entry format. (If no entry is required for atransaction/event, select "No journal entry required" in the first account field.)Transactiona.Issued 4,000 shares for $400,000 cash.Note: Enter debits before credits.$ 200,0002,000259,0007,000General JournalLiabilitiesDebitShareholders' EquityCredit 3. Summarize the journal entry effects from requirement 2 using T-accounts.Beg. bal.End. bal.Beg. bal.End. bal.Beg. bal.End. bal.Beg. bal.End. bal.Beg. bal.CashFactory BuildingLandNotes PayableBeg. bal.End. bal.Beg. bal.End. bal.Beg. bal.End. bal.Beg. bal.End. bal.Retained EarningsSuppliesEquipmentAccounts PayableContributed Capital

The accounting equation states that assets equal to sum of liabilities and equity. The T-accounts…

Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Building Cash Contributed Capital Equipment $ 10,000 Land 100,000 Notes Payable (long-term) Retained Earnings 26,000 180,000 Supplies 118,000 During the month of July, the company had the following transactions: a. Issued 4,000 shares for $400,000 cash. $ 200,000 2,000 259,000 7,000 b. Borrowed $90,000 cash from a local bank, payable in two years. c. Bought a factory 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. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a inurin

Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Building Cash Contributed Capital Equipment $ 10,000 Land 100,000 Notes Payable (long-term) Retained Earnings 26,000 180,000 Supplies 118,000 During the month of July, the company had the following transactions: a. Issued 4,000 shares for $400,000 cash. $ 200,000 2,000 259,000 7,000 b. Borrowed $90,000 cash from a local bank, payable in two years. c. Bought a factory 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. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a inurin

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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