Help please! [The following information applies to the questions displayed below
ID: 2594245 • Letter: H
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Help please!
[The following information applies to the questions displayed below. Bearings & Brakes Corporation (B&B;) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 88,000 630,000 103,000 300,000 174,000 509,000 6,000 1,031,000 9,000 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 balance d. Paid cash for equipment that cost $103,000. e. Purchased supplies for $103,000 on account.Explanation / Answer
Assests liabilities Stockholders Equity a. cash 420,000 common stock 420,000 b. cash 125,000 notes payable(LT) 125,000 c. buildings 192,000 notes payable(LT) 113,000 cash -79,000 d. equipment 103,000 cash -103,000 e. supplies 103,000 Accounts payable 103,000 Cash Supplies beg bal 103,000 beg.bal 9,000 a. 420,000 c. 79,000 e. 103,000 b. 125,000 d. 103,000 End bal 466,000 End bal 112,000 Equipment Buildings Beg bal 174,000 beg bal 630,000 d. 103,000 c. 192,000 end bal 277,000 end bal 822,000 land Accounts payable beg bal 509,000 beg bal 88,000 e. 103,000 end bal 509,000 end bal 191,000 notes payable Common stock Beg bal 6,000 Beg bal 300,000 b 125,000 a. 420,000 c. 113,000 end bal 244,000 end bal 720,000 Retained earnings Beg bal 1,031,000 end bal 1,031,000 Trial Balance Debit Credit Accounts payable 191,000 Buildings 822,000 Cash 466,000 Common stock 720,000 Equipment 277,000 land 509,000 notes payable (long term) 244,000 Retained earnings 1,031,000 Supplies 112,000 total 2186000 2,186,000
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