Answered Essay: PAZ-2 Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; LO 2-2 Preparing and In

PAZ-2 Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; LO 2-2 Preparing and Interpreting the Balance Sheet Deliberate Speed Corporation (DSC) was incorporated as a private company. The companys accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment s 20,000 Land 100,000 Notes Payable (long-term) 36,000 Retained Earnings 180,000 Supplies 118,000 $200,000 2,000 259,000 7,000 During the month of July, the company had the following activities: a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $100,000 cash from a local bank, payable in two years. c. Bought a building for $182,000; paid $82,000 in cash and signed a three-year note for the balance Paid cash for equipment that cost $200,000. Purchased supplies for $30,000 on account. d. e.

PAZ-2 Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; LO 2-2 Preparing and Interpreting the Balance Sheet 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 s 20,000 Land 100,000 Notes Payable (long-term) 36,000 Retained Earnings 180,000 Supplies 118,000 $200,000 2,000 259,000 7,000 During the month of July, the company had the following activities: a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $100,000 cash from a local bank, payable in two years. c. Bought a building for $182,000; paid $82,000 in cash and signed a three-year note for the balance Paid cash for equipment that cost $200,000. Purchased supplies for $30,000 on account. d. e.

Expert Answer

 

Journal Entry
No. Accounting titles & Explanations Debit Credit
a. Cash 400,000
Common stock 400,000
b. Cash 100,000
Bank loan payable 100,000
c. Building 182,000
Cash 82,000
Notes payable 100,000
d. Equipment 200,000
Cash 200,000
e. Supplies 30,000
Accounts payable 30,000
t- Accounts
Cash Equipment
Beg Bal 36,000 82,000 c. Beg bal 118,000
a. 400,000 200,000 d. d. 200,000
b. 100,000
End bal 254,000 end bal 318,000
Common Stock bank loan payable
180,000 Beg bal 0 Beg bal
400,000 a. 100,000 b
580,000 end bal 100,000 end bal
Building Notes payable
beg bal 100,000 2,000 Beg bal
c. 182,000 100,000 b
End bal 282,000 102,000 end bal
Accounts payable land
20,000 Beg Bal beg bal 200,000
30,000 e.
50,000 end bal end bal 200,000
Retained earnings supplies
259,000 Beg bal beg bal 7,000
e. 30,000
259,000 end bal End bal 37,000
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