Deliberate Speed Corporation DSC was incorporated as a priva

Deliberate Speed Corporation (DSC) was incorporated as a private company. The company’s accounts included the following at June 30:

   

  

Purchased supplies for $30,750 on account.

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Deliberate Speed Corporation (DSC) was incorporated as a private company. The company’s accounts included the following at June 30:

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 Notes Payable Common Accounts Payable Retained Earnings Cash Supplies Buildings Equipment Land Stock Beg 62,500286,000 38,000 390,000 110,000 16,200 114,000 28,400 2,400 215,000 370,900 390,000 110,000 251,750 159,000 243,000 16,200 End 16,200

Solution

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6. Stockholders\' equity

	Assets		Liabilities		Stockholders\' Equity
	Cash	Supplies	Buildings	Equipment	Land		Accounts payable	Notes payable		Common stock	Retained earnings
Beg.	38000	16200	114000	162500	286000		28400	2400		215000	370900
a.	390000									390000
b.	110000							110000
c.	-92750		251750					159000
d.	-243000			243000
e.		30750					30750
End.	202250	46950	365750	405500	286000		59150	271400		605000	370900