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 Transaction During the month of July, the company had the following transactions: a. Issued 4,000 shares for $400,000 cash. 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. a. b. 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. $ 10,000 100,000 26,000 180,000 Supplies 118,000 e. Land Notes Payable (long-term) Retained Earnings Cash Assets $ 200,000 2,000 259,000 7,000 400,000 Liabilities Shareholders' Equity

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 Transaction During the month of July, the company had the following transactions: a. Issued 4,000 shares for $400,000 cash. 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. a. b. 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. $ 10,000 100,000 26,000 180,000 Supplies 118,000 e. Land Notes Payable (long-term) Retained Earnings Cash Assets $ 200,000 2,000 259,000 7,000 400,000 Liabilities Shareholders' Equity

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Description: 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 transac

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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