Question

Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June 30, 2020. Bought a factory building for $204.000; paid $93,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $222,000. e. Purchased supplies for $33,300 on account. Required: 1. Analyze transactions (a)–(e) to determine their effects on the accounting equation (Enter any decreases to account balances with a minus sign.) Transaction Assets Liabilities Shareholders' Equity b. d. e.

Answer 1

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The totals of Assets is $1,110,800 and Total Liabilities is $277,300 and Shareholders Equity is $833,500
Transaction	Assets	Liabilities	Shareholders Equity
a	Cash	$          378,000			Contributed Capital	$ 378,000
b	Cash	$          112,000	Notes Payable	$            112,000
c	Factory Building	$          204,000
	Cash	$           -93,000	Notes Payable	$            111,000
d	Equipment	$          222,000
	Cash	$         -222,000
e	Supplies	$            33,300	Accounts Payable	$              33,300
	In the Books of DSC
Particulars	Account titles and explanation		Debit		Credit
a	Cash		$                                                         378,000
	Contributed Capital				$                                        378,000
b	Cash		$                                                         112,000
	Notes Payable				$                                        112,000
c	Factory Building		$                                                         204,000
	Cash				$                                          93,000
	Notes payable				$                                        111,000
d	Equipment		$                                                         222,000
	Cash				$                                        222,000
e	Supplies		$                                                           33,300
	Accounts Payable				$                                          33,300