[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 $ 27,800 156, 000 58, 250 Cash Common Stock 155,000 Equipment 138,000 Land 262,000 3,250 Notes Payable (long-term) Retained Earnings Supplies 440, 100 11, 900 During the month of July, the company had the following activities: a. Issued 5,500 shares of common stock for $550,000 cash. b. Borrowed $135,000 cash from a local bank, payable in two years. c. Bought a building for $233,000; paid $90,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $225,000. e. Purchased supplies for $54,250 on account. 4. Prepare a trial balance at July 31.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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:
Accounts Payable
Buildings
$ 27,800
156,000
58, 250
155,000
Cash
Common Stock
Equipment
138,000
Land
262,000
3,250
Notes Payable (long-term)
Retained Earnings.
440, 100
Supplies
11, 900
During the month of July, the company had the following activities:
a. Issued 5,500 shares of common stock for $550,000 cash.
b. Borrowed $135,000 cash from a local bank, payable in two years.
c. Bought a building for $233,000; paid $90,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $225,000.
e. Purchased supplies for $54,250 on account.
4. Prepare a trial balance at July 31.
Answer is not complete.
Cash
Supplies
Equipment
Buildings
Accounts Payable
Notes Payable (long-term)
Common Stock
Totals
DELIBERATE SPEED CORPORATION
Trial Balance
At July 31
Debit
$ 370,000 X
54,250
225,000
233,000
54,250
$ 278,000
550,000
$ 882,250 $882,250
Credit
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: Accounts Payable Buildings $ 27,800 156,000 58, 250 155,000 Cash Common Stock Equipment 138,000 Land 262,000 3,250 Notes Payable (long-term) Retained Earnings. 440, 100 Supplies 11, 900 During the month of July, the company had the following activities: a. Issued 5,500 shares of common stock for $550,000 cash. b. Borrowed $135,000 cash from a local bank, payable in two years. c. Bought a building for $233,000; paid $90,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $225,000. e. Purchased supplies for $54,250 on account. 4. Prepare a trial balance at July 31. Answer is not complete. Cash Supplies Equipment Buildings Accounts Payable Notes Payable (long-term) Common Stock Totals DELIBERATE SPEED CORPORATION Trial Balance At July 31 Debit $ 370,000 X 54,250 225,000 233,000 54,250 $ 278,000 550,000 $ 882,250 $882,250 Credit
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