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.
