Equipment Land Notes Payable (long-term) Retained Earnings Supplies 18,000 90,000 17,000 0 5,000 During the month of July, the company had the following activities: a. Issued 2,000 shares of common stock for $200,000 cash. b. Borrowed $30,000 cash from a local bank, payable in two years. repare a trial balance at July 31. c. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $100,000. e. Purchased supplies for $10,000 on account.
Equipment Land Notes Payable (long-term) Retained Earnings Supplies 18,000 90,000 17,000 0 5,000 During the month of July, the company had the following activities: a. Issued 2,000 shares of common stock for $200,000 cash. b. Borrowed $30,000 cash from a local bank, payable in two years. repare a trial balance at July 31. c. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $100,000. e. Purchased supplies for $10,000 on account.
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.]
Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the
following at July 1:
Accounts Payable
Buildings
Cash
Common Stock
Equipment
Land
Notes Payable (long-term)
Retained Earnings
Supplies
$ 4,000
200,000
16,000
308,000
18,000
90,000
17,000
Prepare a trial balance at July 31.
0
5,000
During the month of July, the company had the following activities:
a. Issued 2,000 shares of common stock for $200,000 cash.
b. Borrowed $30,000 cash from a local bank, payable in two years.
c. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $100,000.
e. Purchased supplies for $10,000 on account.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf97e23b-9ac5-4a75-a181-9951e7365160%2Fc661466c-6c6a-4c51-b2cf-827c7abcf39e%2F0odnmve_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the
following at July 1:
Accounts Payable
Buildings
Cash
Common Stock
Equipment
Land
Notes Payable (long-term)
Retained Earnings
Supplies
$ 4,000
200,000
16,000
308,000
18,000
90,000
17,000
Prepare a trial balance at July 31.
0
5,000
During the month of July, the company had the following activities:
a. Issued 2,000 shares of common stock for $200,000 cash.
b. Borrowed $30,000 cash from a local bank, payable in two years.
c. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $100,000.
e. Purchased supplies for $10,000 on account.
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