Required Information 5 value: quired inf 10.00 points company\'s accounts indude
ID: 2393885 • Letter: R
Question
Required Information 5 value: quired inf 10.00 points company's accounts induded the following at June 30: 4. Prepare a trial balance at July 31 BEARINGS& BRAKES CORPORATION Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplios $ 88,000 630,000 103,000 300,000 174,000 509,000 6,000 1,031,000 9,000 Trial Balance Debit Credit During the month of July, the company had the following activities: a. Issued 4,200 shares of common stock for $420,000 cash. b. Borrowed $125,000 cash from a local bank, payable in four years. c. Bought a building for $192,000; paid $79,000 in cash and signed a three-year note for the Totals balance. d. Paid cash for equipment that cost $103,000. e. Purchased supplies for $103,000 on account. References eBook &Resources; Worksheet Learning Objective: 02-02 Apply transaction Learning Objective: 02-04 Prepare a trial balance and a classified balance sheet analysis to accounting transactions.Explanation / Answer
Adjustment Entries
T- Accounts
date
explanation
debit
credit
cash
balance
103000
building
79000
1-
cash
420000
common stock
420000
equipment
103000
common stock
420000
notes payable
125000
balance
466000
2-
cash
125000
total
648000
total
648000
notes payable
125000
common stock
3-
building
192000
balance
720000
balance
300000
cash
79000
cash
420000
notes payable
113000
total
720000
total
720000
4-
equipment
103000
notes payable
cash
103000
end balance
244000
balance
6000
cash
125000
5-
supplies
103000
building
113000
accounts payable
103000
total
244000
total
244000
Trial Balance
building
Explanation
Debit
Credit
balance
630000
balance
822000
cash
466000
cash
79000
common stock
720000
notes payable
113000
notes payable
244000
total
822000
total
822000
building
822000
equipment
277000
equipment
supplies
112000
balance
174000
balance
277000
accounts payable
191000
cash
103000
retained earnings
1031000
total
277000
total
277000
land
509000
2186000
2186000
supplies
balance
9000
balance
112000
accounts payable
103000
total
112000
total
112000
accounts payable
balance
191000
balance
88000
supplies
103000
total
191000
total
191000
Adjustment Entries
T- Accounts
date
explanation
debit
credit
cash
balance
103000
building
79000
1-
cash
420000
common stock
420000
equipment
103000
common stock
420000
notes payable
125000
balance
466000
2-
cash
125000
total
648000
total
648000
notes payable
125000
common stock
3-
building
192000
balance
720000
balance
300000
cash
79000
cash
420000
notes payable
113000
total
720000
total
720000
4-
equipment
103000
notes payable
cash
103000
end balance
244000
balance
6000
cash
125000
5-
supplies
103000
building
113000
accounts payable
103000
total
244000
total
244000
Trial Balance
building
Explanation
Debit
Credit
balance
630000
balance
822000
cash
466000
cash
79000
common stock
720000
notes payable
113000
notes payable
244000
total
822000
total
822000
building
822000
equipment
277000
equipment
supplies
112000
balance
174000
balance
277000
accounts payable
191000
cash
103000
retained earnings
1031000
total
277000
total
277000
land
509000
2186000
2186000
supplies
balance
9000
balance
112000
accounts payable
103000
total
112000
total
112000
accounts payable
balance
191000
balance
88000
supplies
103000
total
191000
total
191000
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