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Required information PA2-2(Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance;...

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Accounting

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PA2-2(Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5]
[The following information applies to the questions displayed below.]
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30:
During the month of July, the company had the following activities:
a. Issued 5,500 shares of common stock for $550,000 cash.
b. Borrowed $135,000 cash from a local bank, payable in two years.
c. Bought a building for $233,000; paid $90,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $225,000.
e. Purchased supplies for $54,250 on account.
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