Question

NGLUNUBUOLIUR 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 Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 24,000 150,000 56,250 140,000 161,000 219,000 6,950 431,600 16,300 During the month of July, the company had the following activities: a. Issued 6,600 shares of common stock for $660,000 cash. b. Borrowed $178,000 cash from a local bank, payable in two years. c Bought a building for $235,000; paid $84,000 in cash and signed a three-year note for the balance. d. Pald cash for equipment that cost $245,000. e Purchased supplies for $51,250 on account. Prepare a classified balance sheet at July 31.

Answer 1

Accounts payable accante By bolace beacht down By Poschoses o 51,250 By bolonce costed 15250 Berceant sy balance conted Su 000 Buildings To babre bought 159000 To cash Ako to notes payable 15,000 1235000 - 534000 - in Coco Account To bolonce bought 56.250 sy suidings Account 245000 Greipment a 660.000 To common stock 565250 178000 By baraca to Bonk loan [notes payable] 8984250 894250 To bolong boughtdan To Tivou 2u5ooo cash Словсое By bal old Jo Good 406000

Alc - supplies To bolne brought den 16,300 TO A ccants proyable $1,250 Be bal eld 6550 - 67550 61550 stock & Account Accant By balance brought down a By cash Account 660.000 149,000 To balance comed down 80000 800000 Notes payable cloog team By balance brought down By suilding Accart [ 35000 - 34000] 6950 151,000 Cast Bernte loan] Accont 178000 To balance eld 3359501 [ Bonk 33950 335a5o

Ralma sheet at July 31 Amount in Assete Building 385000 565250 Cash Equipment 406000 hand 219000 67550 Supplies Total 1642 800 Amount in & Liabilities Common stock edoch Notes parable (long tom) 335950 u31,600 Retainer Cominge Accounts payable 75250 1602800 Total

Onrote!. Bana boenht doon indicoles closing balnas of June 30, and which ale opening bahnces for Juely month, ② Note! casino bo imeless Bolonce carried down indicate as Closing bolonces Pos on July 31, and which in Bolno shed on July 31. shoren 3 notera post of Buiding purchased as cast Personent and remaining balance paid as thoree year note a fence sogreement ment Exceede for a period of more than Iyeox which indicoles as long team liability Cice, noles payable) from book teall is also Borrewed in two and the same long term. ☺ note ? porable liability which is Donlote & en gone Relained in Ernings June and and land Julymanth.