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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 Buildings Cash Common Stock Equipment Land Notes Payable (long-term) 2,000 Retained Earnings 259,000 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. Beginning Balance 3. Summarize the journal entry effects from part 2 using T-accounts. Ending Balance Beginning Balance Debit Beginning Balance Ending Balance Debit Beginning Balance Debit Ending Balance Debit Ending Balance Casn Debit Beginning Balance Ending Balance Equipment $ 20,000 100,000 Land Notes Payable Retained Earnings 36,000 180,000 118,000 200,000 Credit Credit Credit Credit Credit Beginning Balance Ending Balance Beginning Balance Debit Beginning Balance Ending Balance Debit Beginning Balance Debit Ending Balance Accounts Payable Supplies Debit Ending Balance Buildings Common Stock Credit Credit Credit Credit

Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) 2,000 Retained Earnings 259,000 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. Beginning Balance 3. Summarize the journal entry effects from part 2 using T-accounts. Ending Balance Beginning Balance Debit Beginning Balance Ending Balance Debit Beginning Balance Debit Ending Balance Debit Ending Balance Casn Debit Beginning Balance Ending Balance Equipment $ 20,000 100,000 Land Notes Payable Retained Earnings 36,000 180,000 118,000 200,000 Credit Credit Credit Credit Credit Beginning Balance Ending Balance Beginning Balance Debit Beginning Balance Ending Balance Debit Beginning Balance Debit Ending Balance Accounts Payable Supplies Debit Ending Balance Buildings Common Stock Credit Credit Credit Credit

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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S Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings $ 20,000 100,000 36,000 180,000 118,000 200,000 2,000 259,000 7,000 During the month of July, the company had the following activities: Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 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. Beginning Balance Ending Balance Beginning Balance Debit Beginning Balance Ending Balance Debit Beginning Balance Debit Ending Balance Debit Ending Balance Casn Debit Beginning Balance Ending Balance Equipment Land Notes Payable Retained Earnings Credit Credit Credit Credit Credit Beginning Balance Ending Balance Beginning Balance Debit Beginning Balance Ending Balance Debit Beginning Balance Debit Ending Balance Accounts Payable supplies Debit Ending Balance Buildings Common Stock Credit Credit Credit Credit
Transcribed Image Text:S Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings $ 20,000 100,000 36,000 180,000 118,000 200,000 2,000 259,000 7,000 During the month of July, the company had the following activities: Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 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. Beginning Balance Ending Balance Beginning Balance Debit Beginning Balance Ending Balance Debit Beginning Balance Debit Ending Balance Debit Ending Balance Casn Debit Beginning Balance Ending Balance Equipment Land Notes Payable Retained Earnings Credit Credit Credit Credit Credit Beginning Balance Ending Balance Beginning Balance Debit Beginning Balance Ending Balance Debit Beginning Balance Debit Ending Balance Accounts Payable supplies Debit Ending Balance Buildings Common Stock Credit Credit Credit Credit
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