Beg Balance answer choices: A/B/C/D or e Required information PA2-2 Recording Tr

Question

Beg Balance answer choices: A/B/C/D or e

Required information PA2-2 Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet (LO 2-2, LO 2-3, LO 2-4, LO 2-5] 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 Buildinga Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 21,100 144,000 55,500 220,000 43,000 275, 000 6,700 385, 800 16,100 During the month of July, the company had the following activities: a. Issued 4,400 shares of common stock for $440,000 cash. b. Borrowed $121,000 cash from a local bank, payable in two years. c. Bought a building for $229,750: paid $88,750 in cash and signed a three-year note for the balance d. Paid cash for equipment that cost $226,000. e. Purchased supplies for $54,750 on account

Explanation / Answer

Cash Particulars Debit Particulars Credit Beg.Bal 55500 © 88750 (a) 440000 (d) 226000 (b) 121000 616500 314750 End.Bal 301750 Supplies Particulars Debit Particulars Credit Beg.Bal 16100 € 54750 70850 0 End.Bal 70850 Equipment Particulars Debit Particulars Credit Beg.Bal 143000 (d) 226000 369000 0 End.Bal 369000 Buildings Particulars Debit Particulars Credit Beg.Bal 144000 © 229750 373750 0 End.Bal 373750 Land Particulars Debit Particulars Credit Beg.Bal 275000 275000 0 End.Bal 275000 Accounts payable Particulars Debit Particulars Credit Beg.Bal 21100 € 54750 0 75850 End.Bal 75850 Notes payable Particulars Debit Particulars Credit Beg.Bal 6700 (b) 121000 © 141000 0 268700 End.Bal 268700 Common stock Particulars Debit Particulars Credit Beg.Bal 220000 (a) 440000 0 660000 End.Bal 660000 Retained earnings Particulars Debit Particulars Credit Beg.Bal 385800 0 385800 End.Bal 385800 Balance sheet Assets Amount ($) Liabilities Amount ($) Cash 301750 Accounts payable 75850 Supplies 70850 Total current liabilities 75850 Total current assets 372600 Notes payable 268700 Equipment 369000 Buildings 373750 Total long-term liabilities 268700 Land 275000 Total liabilities 344550 Total non-current assets 1017750 Common stock 660000 Retained earnings 385800 Total stakeholder's equity 1045800 Total assets 1390350 Total liabilities & stakeholder's equity 1390350

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