Required informationPA2-2 (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.]Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accountsincluded the following at June 30:Accounts PayableBuildingsCashCommon StockEquipmentLandNotes Payable (long-term)Retained EarningsSupplies$ 27,800156,00058,250155,000138,000262,0003,250440, 10011,900During the month of July, the company had the following activities:a. Issued 5,500 shares of common stock for $550,000 cash.b. Borrowed $135,000 cash from a local bank, payable in two years.c. Bought a building for $233,000; paid $90,000 in cash and signed a three-year note for the balance.d. Paid cash for equipment that cost $225,000.e. Purchased supplies for $54,250 on account.

The Balance Sheet is a financial statement that includes assets, liabilities and stockholder's…

Required information PA2-2 (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.] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings $ 27,800 156,000 58,250 155,000 138,000 Land 262,000 3,250 Notes Payable (long-term) Retained Earnings Supplies 440, 100 11,900 During the month of July, the company had the following activities: Cash Common Stock Equipment a. Issued 5,500 shares of common stock for $550,000 cash. b. Borrowed $135,000 cash from a local bank, payable in two years. c. Bought a building for $233,000; paid $90,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $225,000. e. Purchased supplies for $54,250 on account.

Required information PA2-2 (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.] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings $ 27,800 156,000 58,250 155,000 138,000 Land 262,000 3,250 Notes Payable (long-term) Retained Earnings Supplies 440, 100 11,900 During the month of July, the company had the following activities: Cash Common Stock Equipment a. Issued 5,500 shares of common stock for $550,000 cash. b. Borrowed $135,000 cash from a local bank, payable in two years. c. Bought a building for $233,000; paid $90,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $225,000. e. Purchased supplies for $54,250 on account.

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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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 $ 5,950 172,000 14,900 325,000 34,500 134,500 33,750 0 8,800 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 $54,750 cash from a local bank, payable in two years. c. Bought a building for $176,250; paid $44,250 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $236,000. e. Purchased supplies for $13,500 on account. CP2-2 (Algo) Part 5 5. Prepare a classified balance sheet…
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