Question

! Required information (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 $ 27,400 146,000 52,750 190,000 140,000 220,000 5,950 342,700 7,300 During the month of July, the company had the following activities: a. Issued 6,000 shares of common stock for $600,000 cash. b. Borrowed $151,000 cash from a local bank, payable in two years. c Bought a building for $191,500; paid $92,500 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $228,000. e. Purchased supplies for $44,500 on account.

Answer 1

Answer)

	Assets	=	Liabilities	+	Stockholders' Equity
	Cash	Supplies	Buildings	Equipment	Land		Accounts Payable	Notes Payable	Bank Loan		Common Stock	Retained Earnings
Beg.	$      52,750	$    7,300	$ 146,000	$   140,000	$ 220,000		$ 27,400	$      5,950	-		$               190,000	$          342,700
a.	$   600,000										$               600,000
b.	$   151,000								$ 151,000
c.	$   (92,500)		$ 191,500					$    99,000
d.	$ (228,000)			$   228,000
e.		$ 44,500					$ 44,500
End.	$   483,250	$ 51,800	$ 337,500	$   368,000	$ 220,000		$ 71,900	$ 104,950	$ 151,000		$               790,000	$          342,700