Trial Balance ATHLETIC PERFORMANCE COMPANYTrial BalanceAt July 31DebitCreditCash$193,250SuppliesEquipmentBuildingsLand26,900178,750458,500118,500Accounts Payable2$27,150Notes Payable (long-term)235,750Common Stock727,000Retained EarningsTotals$975,900$989,900 Required information[The following information applies to the questions displayed below.]Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included thefollowing at July 1:$ 8,750Accounts PayableBuildings265,00018,000397,00030,750118,500CashCommon StockEquipmentLandNotes Payable (long-term)Retained Earnings35,000Supplies8,500During the month of July, the company had the following activities:a. Issued 3,300 shares of common stock for $330,000 cash.b. Borrowed $52,750 cash from a local bank, payable in two years.c. Bought a building for $193,500; paid $59,500 in cash and signed a three-year note for the balance.d. Paid cash for equipment that cost $148,000.e. Purchased supplies for $18,400 on account.4. Prepare a trial balance at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance.

Trial balance is prepared to check whether all posting entries has been posted correctly in the…

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: $ 8,750 265,000 18,000 397,000 30,750 118,500 35,000 Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 8,500 During the month of July, the company had the following activities: a. Issued 3,300 shares of common stock for $330,000 cash. b. Borrowed $52,750 cash from a local bank, payable in two years. c. Bought a building for $193,500; paid $59,500 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $148,000. e. Purchased supplies for $18,400 on account. 4. Prepare a trial balance at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance.

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: $ 8,750 265,000 18,000 397,000 30,750 118,500 35,000 Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 8,500 During the month of July, the company had the following activities: a. Issued 3,300 shares of common stock for $330,000 cash. b. Borrowed $52,750 cash from a local bank, payable in two years. c. Bought a building for $193,500; paid $59,500 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $148,000. e. Purchased supplies for $18,400 on account. 4. Prepare a trial balance at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance.

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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