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Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: $ 20,000 100,000 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.

FINANCIAL ACCOUNTING
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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! 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:! 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.
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
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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