The following information applies to the questions displayed

[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 $ 21,400 183,000 42,750 185,000 126,500 278,000 3,750 436,500 16,400 During the month of July, the company had the following activities: a. Issued 4,300 shares of common stock for $430,000 cash b. Borrowed $143,000 cash from a local bank, payable in two years. c. Bought a building for $223,500; paid $102,500 in cash and signed a three-year note for the balance d. Paid cash for equipment that cost $227,000. e. Purchased supplies for $50,750 on account.

Solution

Answer 2

Answer 3

Answer:1
Assets	=	Liabilities	+	Stockholders equity
a.	Cash	$430,000.00	=	No effect		+	Common stock	430000
b.	Cash	$143,000.00	=	Notes payable	$143,000.00	+	No effect
c.	Factory building	$223,500.00	=	Notes payable	$121,000.00	+	No effect
	Cash	($102,500.00)	=	No effect		+	No effect
d.	Equipment	$227,000.00	=	No effect		+	No effect
	Cash	($227,000.00)	=	No effect		+	No effect
e.	Supplies	$50,750.00	=	Accounts payable	$50,750.00	+	No effect