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 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. aid cash for equipment that cost $100,000. e. Purchased supplies for $10,000 on account. 3. Summarize the journal entry effects from part 2 using T-accounts. (TIP: Enter the July 1 balances as the month's beginning balances.)
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 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. aid cash for equipment that cost $100,000. e. Purchased supplies for $10,000 on account. 3. Summarize the journal entry effects from part 2 using T-accounts. (TIP: Enter the July 1 balances as the month's beginning balances.)
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
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.
3. Summarize the journal entry effects from part 2 using T-accounts. (TIP: Enter the July 1 balances as the month's beginning balances.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0d9061b4-ce7a-41b8-9dac-388b691565ea%2Fa46b4d92-0a00-49b2-a0d7-e3149a0d74a7%2F6wq2uo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:6
k
ht
D
ences
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
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.
3. Summarize the journal entry effects from part 2 using T-accounts. (TIP: Enter the July 1 balances as the month's beginning balances.)
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