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ABC electronics was incorporated as a private company. The companys accounts included the following at June 30: Accounts Payable $ 25,000 Land $ 215,000 Factory Building 104,500 Notes Payable (long-term) 5,000 Cash 30,500 Retained Earnings 266,500 Contributed Capital 195,000 Supplies 8,500 Equipment 133,000 ________________________________________ During the month of July, the company had the following transactions: a. Issued 3,700 shares for $370,000 cash. b. Borrowed $120,000 cash from a local bank, payable in two years. c. Bought a factory building for $212,000; paid $97,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $230,000. e. Purchased supplies for $34,500 on account. Required: Requirement 1: 10mks 1. Analyze transactions (a)(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Example: Assets = Liabilities + Shareholders Equity a Cash + 370,000 Contributed Capital + 370,000 Requirement 2: 10mks 2. Record the transaction effects determined in requirement 1 using a journal entry format. (If no entry is required for a transaction/event, indicate "No journal entry required" Follow the example provided in the posted soultion for PA2-3 Requirement 3: 10mks 3. Summarize the journal entry effects from requirement 2 using T-accounts. Requirement 3: 20mks 3. Prepare a Trial balance. Requirement 4: 20mks 4. Prepare a classified balance sheet at, July 31. Requirement 5: 5mks 5. As of July 31, has the financing for DSCs investment in assets primarily come from liabilities or from shareholders equity

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