Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: $ 20,000 100,000 36,000 180,000 118,000 200,000 2,000 259,000 Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 7,000 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. . Summarize the journal entry effects from part 2 using T-accounts.
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: $ 20,000 100,000 36,000 180,000 118,000 200,000 2,000 259,000 Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 7,000 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. . Summarize the journal entry effects from part 2 using T-accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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%2F47ce1107-f03f-4c78-93d5-72a359f53db5%2Fqkppue9_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.
Transcribed Image Text:Cash
Supplies
Debit
Credit
Debit
Credit
Beginning Balance
36,000
400,000
100,000
Beginning Balance
7,000
30,000
a.
200,000 d.
е.
b.
82,000
C.
Ending Balance
254,000
Ending Balance
37,000
Equipment
Buildings
Debit
Credit
Debit
Credit
Beginning Balance
118,000
Beginning Balance
100,000
200,000 d.
182,000
C.
Ending Balance
82,000
Ending Balance
282,000
Land
Accounts Payable
Debit
Credit
Debit
Credit
Beginning Balance
200,000
Beginning Balance
20,000
30,000
е.
Ending Balance
200,000
Ending Balance
50,000
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