Please notice that the answers I write on it might not be correct. Hence, please give me your answers. Notes PayableCommon StockDebitCreditDebitCreditBeginning Balance2,000Beginning Balance180,000b.100,000400,000a.C.100,000Ending Balance202,000Ending Balance580,000Retained EarningsDebitCreditBeginning Balance259,000Ending Balance259,000 !Required information[The following information applies to the questions displayed below.]Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included thefollowing at June 30:$ 20,000Accounts PayableBuildings100,00036,000180,000118,000200,0002,000259,0007,000CashCommon StockEquipmentLandNotes Payable (long-term)Retained EarningsSuppliesDuring the month of July, the company had the following activities:a. Issued 4,000 shares of common stock for $400,000 cash.b. Borrowed $100,000 cash from a local bank, payable in two years.c. Bought a building for $182,000; paid $82,000 in cash and signed a three-year note for the balance.d. Paid cash for equipment that cost $200,000.e. Purchased supplies for $30,000 on account.3. Summarize the journal entry effects from part 2 using T-accounts.

Introduction Notes Payable: Notes payable are written contracts (promissory notes) wherein one…

Beginning Balance b. C. Ending Balance Debit Ending Balance Debit Beginning Balance Notes Payable 2,000 100,000 100,000 202,000 Retained Earnings 259,000 259,000 Credit Credit Beginning Balance a. Debit Ending Balance Common Stock 180,000 400,000 580,000 Credit

Beginning Balance b. C. Ending Balance Debit Ending Balance Debit Beginning Balance Notes Payable 2,000 100,000 100,000 202,000 Retained Earnings 259,000 259,000 Credit Credit Beginning Balance a. Debit Ending Balance Common Stock 180,000 400,000 580,000 Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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