51000 points Required Information ulred informatio companys

5.10.00 points Required Information ulred informatio company\'s accounts included the following at June 30: 4. Prepare a trial balance at July 31 BEARINGS&BRAKES; CORPORATION Trial Balance $ 79,000 Accounts Payable Buildings Cash Common Stock Debit Credit Land Notes Payable (long-term) Retained Earnings Supplies 100,000 270,000 168,000 494,000 3,000 1016,000 6,000 During the month of July, the company had the following activities: a. Issued 3,900 shares of common stock for $390,000 cash. b. Borrowed $110,000 cash from a local bank, payable in four years. c. Bought a building for $186,000; paid $76,000 in cash and signed a three-year note for the Totals balance. d. Paid cash for equipment that cost $100,000. e. Purchased supplies for $100,000 on account. eBook & Resources Learning Objective: 02-02 Apply transaction analysis to accounting transactions. Worksheet earning Objective: 02-04 Prepare a trial balance and a classified balance sheet.

Solution

Calculate trial balance :

786000

	Debit	credit
Cash	424000
Supplies	106000
Land	494000
Building	786000
Equipment	268000
Account payable		179000
Notes payable		113000
Bank loan		110000
Common Stock		660000
Retained earnings		1016000
Totals	2078000	2078000