Requlred Informatlon [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 $ 22,700 158, e00 Cash 46,250 Common Stock 178,e00 Equipment 153,500 Land 226,000 Notes Payable (long-term) Retained Earnings 3,200 395,650 7,800 Supplies During the month of July, the company had the following activitles: a. Issued 4,600 shares of common stock for $460,000 cash. b. Borrowed $189,000 cash from a local bank, payable in two years. C. Bought a bullding for $202,000; pald $85,000 in cash and signed a three-year note for the balance. d. Pald cash for equlpment that cost $277,000. e. Purchased supplies for $45,750 on account. quired: Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity Retained Earnings Accounts Notes Common Cash Supplies Buildings Equipment Land Payable Payable Stock Beginning Balance 48,250 7,800 158,000 153,500 226,000 = 22,700 3,200 + 170,000 395,650 a. b. %3D C. d. + e. Ending Balance 48,250 7,800 158,000 153,500 226,000 = 22,700 3,200 170,000 395,650 +
Requlred Informatlon [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 $ 22,700 158, e00 Cash 46,250 Common Stock 178,e00 Equipment 153,500 Land 226,000 Notes Payable (long-term) Retained Earnings 3,200 395,650 7,800 Supplies During the month of July, the company had the following activitles: a. Issued 4,600 shares of common stock for $460,000 cash. b. Borrowed $189,000 cash from a local bank, payable in two years. C. Bought a bullding for $202,000; pald $85,000 in cash and signed a three-year note for the balance. d. Pald cash for equlpment that cost $277,000. e. Purchased supplies for $45,750 on account. quired: Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity Retained Earnings Accounts Notes Common Cash Supplies Buildings Equipment Land Payable Payable Stock Beginning Balance 48,250 7,800 158,000 153,500 226,000 = 22,700 3,200 + 170,000 395,650 a. b. %3D C. d. + e. Ending Balance 48,250 7,800 158,000 153,500 226,000 = 22,700 3,200 170,000 395,650 +
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required Informatlon
[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:
$ 22,700
Accounts Payable
Buildings
158,000
Cash
46,250
Common Stock
170,000
Equipment
153,500
Land
Notes Payable (long-term)
Retained Earnings
226,000
3,200
395,650
Supplies
7,800
During the month of July, the company had the following activitles:
a. Issued 4,600 shares of common stock for $460,000 cash.
b. Borrowed $189,000 cash from a local bank, payable in two years.
c. Bought a bullding for $202,000; pald $85,000 in cash and signed a three-year note for the balance.
d. Pald cash for equlpment that cost $277,000.
e. Purchased supplies for $45,750 on account.
Requlred:
1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with
a minus sign.)
Assets
Liabilities
Stockholders' Equity
Accounts
Payable
Notes
Common
Retained
Earnings
Cash
Supplies
Buildings Equipment
Land
Payable
Stock
Beginning Balance
48,250
7,800
158,000
153,500
226,000 =
22,700
3,200
170,000
395,650
+
a.
+
b.
C.
d.
%3D
e.
%3D
Ending Balance
46,250
7,800
158,000
153,500
226,000 =
22,700
3,200
170,000
395,650
++](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4959d4f7-c515-4b84-8a14-00389cef5562%2Ffb734c52-f3f5-4bed-b2e2-c2c28a63fe35%2Fqy5ibt_processed.png&w=3840&q=75)
Transcribed Image Text:Required Informatlon
[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:
$ 22,700
Accounts Payable
Buildings
158,000
Cash
46,250
Common Stock
170,000
Equipment
153,500
Land
Notes Payable (long-term)
Retained Earnings
226,000
3,200
395,650
Supplies
7,800
During the month of July, the company had the following activitles:
a. Issued 4,600 shares of common stock for $460,000 cash.
b. Borrowed $189,000 cash from a local bank, payable in two years.
c. Bought a bullding for $202,000; pald $85,000 in cash and signed a three-year note for the balance.
d. Pald cash for equlpment that cost $277,000.
e. Purchased supplies for $45,750 on account.
Requlred:
1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with
a minus sign.)
Assets
Liabilities
Stockholders' Equity
Accounts
Payable
Notes
Common
Retained
Earnings
Cash
Supplies
Buildings Equipment
Land
Payable
Stock
Beginning Balance
48,250
7,800
158,000
153,500
226,000 =
22,700
3,200
170,000
395,650
+
a.
+
b.
C.
d.
%3D
e.
%3D
Ending Balance
46,250
7,800
158,000
153,500
226,000 =
22,700
3,200
170,000
395,650
++
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