Required information CP2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [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 $ 5,300 170,000 22,550 336,000 25,750 137,500. 18,750 0 4,250 During the month of July, the company had the following activities: a. Issued 3,600 shares of common stock for $360,000 cash. b. Borrowed $47,000 cash from a local bank, payable in two years. c. Bought a building for $204,750; paid $41,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $250,000. e. Purchased supplies for $14,600 on account.
Required information CP2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [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 $ 5,300 170,000 22,550 336,000 25,750 137,500. 18,750 0 4,250 During the month of July, the company had the following activities: a. Issued 3,600 shares of common stock for $360,000 cash. b. Borrowed $47,000 cash from a local bank, payable in two years. c. Bought a building for $204,750; paid $41,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $250,000. e. Purchased supplies for $14,600 on account.
Chapter11: Managing Transaction Exposure
Section: Chapter Questions
Problem 1IEE
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Please do not give solution in image format thanku
![Required information
CP2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing
and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5]
[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
$ 5,300
170,000
22,550
336,000
25,750
137,500
18,750
0
4,250
During the month of July, the company had the following activities:
a. Issued 3,600 shares of common stock for $360,000 cash.
b. Borrowed $47,000 cash from a local bank, payable in two years.
c. Bought a building for $204,750; paid $41,750 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $250,000.
e. Purchased supplies for $14,600 on account.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2880ea67-6b22-470e-ad20-d2e155929490%2Fbe861f62-bc64-46a8-ac6a-72413722ac4d%2F7unelgs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
CP2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing
and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5]
[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
$ 5,300
170,000
22,550
336,000
25,750
137,500
18,750
0
4,250
During the month of July, the company had the following activities:
a. Issued 3,600 shares of common stock for $360,000 cash.
b. Borrowed $47,000 cash from a local bank, payable in two years.
c. Bought a building for $204,750; paid $41,750 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $250,000.
e. Purchased supplies for $14,600 on account.
![of 6
M
You skipped this question in the previous attempt.
5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero
balance.
ATHLETIC PERFORMANCE COMPANY
Balance Sheet
$
$
0
0
0
Check my work](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2880ea67-6b22-470e-ad20-d2e155929490%2Fbe861f62-bc64-46a8-ac6a-72413722ac4d%2F26c2e7n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:of 6
M
You skipped this question in the previous attempt.
5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero
balance.
ATHLETIC PERFORMANCE COMPANY
Balance Sheet
$
$
0
0
0
Check my work
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