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[The following information apples 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 $ 22,7e0

[The following information apples 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 $ 22,7e0

FINANCIAL ACCOUNTING
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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[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: $ 22,700 158,eee 46,250 170,eee 153,580 226,ee0 3,200 395,650 Accounts Payable Buildings Cash Connon Stock Equipment Land Notes Payable (long-tern) Retained Earnings Supplies 7,8ee During the month of July, the company had the following activities: 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 equipment that cost $277,000. e. Purchased supplies for $45,750 on account. 3. Summarize the Journal entry effects from part 2 using T-accounts. Cash Supplies Debit Credit Debit Credit Beginning Balance Beginning Balance 46,250 85,000 480,000 O 189,000 O a. 277,000 b. 333,250 Ending Balance 695,250 Ending Balance 695,250 Equipment Buildings Debit Credit Debit Credit Beginning Balance Beginning Balance 158,000 O 153,500 277,000 O 85,000 8 117,000 Ending Balance 430,500 Ending Balance 360,000 Land Accounts Payable Debit Credit Debit Credit Beginning Balance Beginning Balance 226,000 630,000 Ending Balance 226,000 Ending Balance 630,000 Notes Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance 120,200 3,200 O 117,000 O Ending Balance 120,200 Ending Balance 120,200 Retained Earnings Debit Credit Beginning Balance 395,650 Ending Balance 395,650 *Red text indicats no riiponse was expected in a call or a formula-based calculation is incorrect; no points deducted.
Transcribed Image Text:[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: $ 22,700 158,eee 46,250 170,eee 153,580 226,ee0 3,200 395,650 Accounts Payable Buildings Cash Connon Stock Equipment Land Notes Payable (long-tern) Retained Earnings Supplies 7,8ee During the month of July, the company had the following activities: 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 equipment that cost $277,000. e. Purchased supplies for $45,750 on account. 3. Summarize the Journal entry effects from part 2 using T-accounts. Cash Supplies Debit Credit Debit Credit Beginning Balance Beginning Balance 46,250 85,000 480,000 O 189,000 O a. 277,000 b. 333,250 Ending Balance 695,250 Ending Balance 695,250 Equipment Buildings Debit Credit Debit Credit Beginning Balance Beginning Balance 158,000 O 153,500 277,000 O 85,000 8 117,000 Ending Balance 430,500 Ending Balance 360,000 Land Accounts Payable Debit Credit Debit Credit Beginning Balance Beginning Balance 226,000 630,000 Ending Balance 226,000 Ending Balance 630,000 Notes Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance 120,200 3,200 O 117,000 O Ending Balance 120,200 Ending Balance 120,200 Retained Earnings Debit Credit Beginning Balance 395,650 Ending Balance 395,650 *Red text indicats no riiponse was expected in a call or a formula-based calculation is incorrect; no points deducted.
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