[The following information applies to the questions displayed below.] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $103,000 700,000 110,000 370,000 188,000 544,000 13,000 1,066,000 10,000 During the month of July, the company had the following activities: a. Issued 4,900 shares of common stock for $490,000 cash. b. Borrowed $160,000 cash from a local bank, payable in four years. c. Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $110,000. e. Purchased supplies for $110,000 on account.
[The following information applies to the questions displayed below.] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $103,000 700,000 110,000 370,000 188,000 544,000 13,000 1,066,000 10,000 During the month of July, the company had the following activities: a. Issued 4,900 shares of common stock for $490,000 cash. b. Borrowed $160,000 cash from a local bank, payable in four years. c. Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $110,000. e. Purchased supplies for $110,000 on account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Dineshbhai
![[The following information applies to the questions displayed below.]
Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts
included the following at June 30:
Accounts Payable
Buildings
Cash
Common Stock
Equipment
Land
Notes Payable (long-term)
Retained Earnings
Supplies
$103,000
700,000
110,000
370,000
Totals
188,000
544,000
13,000
1,066,000
10,000
During the month of July, the company had the following activities:
a. Issued 4,900 shares of common stock for $490,000 cash.
b. Borrowed $160,000 cash from a local bank, payable in four years.
c. Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $110,000.
e. Purchased supplies for $110,000 on account.
BEARINGS & BRAKES CORPORATION
Trial Balance
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F91ba19ae-44d5-4431-ba5d-9ce6ec74c41c%2F55fc3e53-7765-4eb4-9a87-e1eddc8ea205%2Fxah6tqi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts
included the following at June 30:
Accounts Payable
Buildings
Cash
Common Stock
Equipment
Land
Notes Payable (long-term)
Retained Earnings
Supplies
$103,000
700,000
110,000
370,000
Totals
188,000
544,000
13,000
1,066,000
10,000
During the month of July, the company had the following activities:
a. Issued 4,900 shares of common stock for $490,000 cash.
b. Borrowed $160,000 cash from a local bank, payable in four years.
c. Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $110,000.
e. Purchased supplies for $110,000 on account.
BEARINGS & BRAKES CORPORATION
Trial Balance
Debit
Credit
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