Homework SourseDeliberate 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:
Supplies
Summarize the journal entry effects from part 2 using T-accounts.
| Deliberate Speed Corporation (DSC) was incorporated as a private company. The company’s accounts included the following at June 30: |
Solution
Answers
Cash
Beg. Bal.
$ 38,000.00
c.
$ 92,750.00
a.
$ 390,000.00
d.
$ 243,000.00
b.
$ 110,000.00
End. Bal.
$ 202,250.00
Debit balance
Equipment
Beg. Bal.
$ 162,500.00
d.
$ 243,000.00
End. Bal.
$ 405,500.00
Debit Balance
Land
Beg. Bal.
$ 286,000.00
End. Bal.
$ 286,000.00
Debit Balance
Notes Payable
Beg. Bal.
$ 2,400.00
b.
$ 110,000.00
c.
$ 159,000.00
Credit Balance
End. Bal.
$ 271,400.00
Retained Earnings
Beg. Bal.
$ 370,900.00
Credit Balance
End. Bal.
$ 370,900.00
Supplies
Beg. Bal.
$ 16,200.00
e.
$ 30,750.00
End. Bal.
$ 46,950.00
Debit Balance
Buildings
Beg. Bal.
$ 114,000.00
c.
$ 251,750.00
End. Bal.
$ 365,750.00
Debit Balance
Accounts Payable
Beg. Bal.
$ 28,400.00
e.
$ 30,750.00
Credit Balance
End. Bal.
$ 59,150.00
Common Stock
Beg. Bal.
$ 215,000.00
a.
$ 390,000.00
Credit balance
End. Bal.
$ 605,000.00
| Cash | |||
| Beg. Bal. | $ 38,000.00 | c. | $ 92,750.00 |
| a. | $ 390,000.00 | d. | $ 243,000.00 |
| b. | $ 110,000.00 | ||
| End. Bal. | $ 202,250.00 | Debit balance | |
| Equipment | |||
| Beg. Bal. | $ 162,500.00 | ||
| d. | $ 243,000.00 | ||
| End. Bal. | $ 405,500.00 | Debit Balance | |
| Land | |||
| Beg. Bal. | $ 286,000.00 | ||
| End. Bal. | $ 286,000.00 | Debit Balance | |
| Notes Payable | |||
| Beg. Bal. | $ 2,400.00 | ||
| b. | $ 110,000.00 | ||
| c. | $ 159,000.00 | ||
| Credit Balance | End. Bal. | $ 271,400.00 | |
| Retained Earnings | |||
| Beg. Bal. | $ 370,900.00 | ||
| Credit Balance | End. Bal. | $ 370,900.00 |
