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 account. 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 account. Prepare a trial balance at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
General Journal
Transcribed Image Text:2. Record the transaction effects determined in part 1 using journal entries. (If no entry is required for a transaction/event, select "No
Journal Entry Required" in the first account field.)
View transaction list
View journal entry worksheet
No
Transaction
General Journal
Debit
Credit
1
а.
Cash
330,000
Common Stock
330,000
2
b.
Cash
52,750
Notes Payable (long-term)
52,750
3
C.
Buildings
193,500
Notes Payable (long-term)
134,000
Cash
59,500
4
d.
Equipment
148,000
Cash
148,000
е.
Supplies
18,400
Accounts Payable
18,400
![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
Accounts Payable
Buildings
265,000
18,000
397,000
30,750
118,500
Cash
Common Stock
Equipment
Land
Notes Payable (long-term)
Retained Earnings
35,000
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F49c9504d-90a6-45ee-b501-945c38ba8c84%2Fd968b8fc-5876-4150-bc29-339c5e470d8f%2Fkuhnsg_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:
$ 8,750
Accounts Payable
Buildings
265,000
18,000
397,000
30,750
118,500
Cash
Common Stock
Equipment
Land
Notes Payable (long-term)
Retained Earnings
35,000
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.
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