Question

Questions 11 16 (of 16) Save Exit Submit [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 29,800 121,000 53,250 Cash Common Stock 240,000 Equipment 134,500 Land 285,000 Notes Payable (long-term) Retained Earnings Supplies 3,100 332,850 12,000 During the month of July, the company had the following activities: a. Issued 6,300 shares of common stock for $630,000 cash b. Borrowed $163,000 cash from a local bank, payable c. Bought a building for $204,750; paid $101,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $241,000. e. Purchased supplies for $46,500 on account two years 11 value: Required information 0.62 points Required: ao tronoootiono (ol a to dotormino thoir ofGEootoe tho ae .nting o..tion (Eater an. 11 value: Required information 0.62 points Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholder's Equity Common Stock Accounts Notes Retained Supplies Buildings Equipment Land Cash Payable Payable Earnings 332,850 Beg. 53,250 12,000 121,000 134,500 285,000 29,800 3,100 240,000 a. b. C d e. End. 12 Required information 0.62 points 2. Record the transaction effects determined in part 1 using a journal entry format. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list EX Import a new list 1 Issued 6,300 shares of common stock for $630,000 cash Record the transaction. 2 Borrowed $163,000 cash from a local bank, payable in two years. Record the transaction 3 Bought a building for $204,750; paid $101,750 in cash and signed a three-year note for the balance. Record the transaction Credit Paid cash for equipment that cost $241,000. Record the 4 transaction Purchased supplies for $46,500 on account. Record the transaction 5 Note = journal entry has been entered Record entry Clear entry View general journal 3. Summarize the journal entry effects from part 2 using T-accounts. Cash Supplies Beg. Bal Beg. Bal End. Bal. End. Bal. Equipment Buildings Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable Land Beg. Bal. Beg. Bal End. Bal. End. Bal. Notes Payable Common Stock Beg. Bal. Beg. Bal End. Bal End. Bal. Retained Earnings Beg. Bal. End. Bal. 14. Require value: 0.62 points 4. Prepare a trial balance at July 31 DELIBERATE SPEED CORPORATION Trial Balance Credit Debit Totals 15. value: Required information 0.62 points 5. Prepare a classified balance sheet at July 31 DELIBERATE SPEED CORPORATION Balance Sheet

Answer 1

Deliberate Speed Corporation (Dsc) Balance Sheet Equity Liabilties Assets |Supplies Buildings Accounts Payable Notes Payable 3,100 Equipment Land 121,000 134,500 285,000 Common Stock Retained Earnings Events Cash $53,250 $12,000 $ $ 29,800 $ Beg. 240,000 332,850 $630,000 $163,000 630,000 163,000 + $(101,750) $(241,000) $ 204,750 103,000 C + + $ 241,000 + + $46,500 503,500 $58,500 $ 46,500 e 325,750 375,500 285,000 = $ 870,000 $ 269,100 $ End 76,300 $ 332,850 IL

Deliberate Speed Corporation (DSC) Journal entries Debit Credit Date Account $630,000 Cash $ 630,000 Common Stock $ 163,000 b Cash $ 163,000 Notes Payable Buildings 204,750 C $101,750 Cash $ 103,000 Notes Payable $ 241,000 Equipment $ 241,000 Cash $46,500 Supplies e $ 46,500 Accounts Payable

Deliberate Speed Corporation (DSC) TAccounts Date Date Date Date Debit Credit Credit Credit Date Date Debit Credit Date Debit Date Debit Cash Supplies Equipment Buildings Op bal $53,250 C $630,000 d $163,000 Op bal $101,750 $12,000 $134,500 $121,000 Op bal Op bal $46,500 $241,000 $241,000 d $204,750 C b Bal. $503,500 Bal $58,500 $375,500 Bal. Bal. $325,750 Accounts Payable Op bal Land Notes Payable Op bal Common Stock Op bal $285,000 $29,800 $3,100 Op bal $240,000 $46,500 $163,000 $630,000 b e $103,000 Bal. Bal. Bal. Bal. $285,000 $76,300 $269,100 $870,000 Retained Earnings Op bal $332,850 Bal $332,850

Trial Balance Deliberate Speed Corporation Credit Debit Account Names Cash 503,500 Supplies 58,500 Land 285,000 Buildings 325,750 Equipment 375,500 Accounts Payable 76,300 Notes Payable 269,100 Common Stock 870,000 Retained Earnings 332,850 Totals 1,548,250 1,548,250

Deliberate Speed Corporation (DSC) Balance Sheet As of Dec 31 Liabilities & Stockholders Equity Assets Current Liabilities Current Assets 503,500 Accounts Payable Cash 76,300 Supplies 58,500 562,000 Total Current Liabilities Total Current Assets 76,300 Non-Current Liabilties Non-Current Assets 285,000 Notes Payable Land 269,100 Buildings 325,750 Equipment 375,500 Total Non-Current Assets 986,250 Total Liabilties 345,400 Stockholders Equity Common Stock 870,000 Retained earnings Total Stockholders Equity 332,850 1,202,850 1,548,250 Total Liabilities & Stockholders Equity Total Assets 1,548,250