5.10.00 points Required Information ulred informatio company\'s accounts include

Question

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.

Explanation / Answer

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

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