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Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Factory Building Cash Contributed Capital Equipment During the month of July, the company had the following transactions: a. Issued 3,900 shares for $390,000 cash. Transaction a. b. $ 15,000 101,500 27,500 185,000 123,000 b. Borrowed $100,000 cash from a local bank, payable in two years. c. Bought a factory building for $192,000; paid $87,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $210,000. e. Purchased supplies for $31,500 on account. C. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) d. Land Notes Payable (long-term) Retained Earnings Supplies e. $ 205,000 3,000 261,500 7,500 Assets Liabilities + Shareholders' Equity 390,000

Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Factory Building Cash Contributed Capital Equipment During the month of July, the company had the following transactions: a. Issued 3,900 shares for $390,000 cash. Transaction a. b. $ 15,000 101,500 27,500 185,000 123,000 b. Borrowed $100,000 cash from a local bank, payable in two years. c. Bought a factory building for $192,000; paid $87,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $210,000. e. Purchased supplies for $31,500 on account. C. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) d. Land Notes Payable (long-term) Retained Earnings Supplies e. $ 205,000 3,000 261,500 7,500 Assets Liabilities + Shareholders' Equity 390,000

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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Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Factory Building Cash Contributed Capital Equipment During the month of July, the company had the following transactions: a. Issued 3,900 shares for $390,000 cash. Transaction b. Borrowed $100,000 cash from a local bank, payable in two years. c. Bought a factory building for $192,000; paid $87,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $210,000. e. Purchased supplies for $31,500 on account. a. b. $ 15,000 101,500 27,500 185,000 Supplies 123,000 Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) C. d. Land Notes Payable (long-term) Retained Earnings e. Assets $ 205,000 3,000 261,500 7,500 = Liabilities + Shareholders' Equity 390,000
Transcribed Image Text:Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Factory Building Cash Contributed Capital Equipment During the month of July, the company had the following transactions: a. Issued 3,900 shares for $390,000 cash. Transaction b. Borrowed $100,000 cash from a local bank, payable in two years. c. Bought a factory building for $192,000; paid $87,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $210,000. e. Purchased supplies for $31,500 on account. a. b. $ 15,000 101,500 27,500 185,000 Supplies 123,000 Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) C. d. Land Notes Payable (long-term) Retained Earnings e. Assets $ 205,000 3,000 261,500 7,500 = Liabilities + Shareholders' Equity 390,000
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