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Required information [The following information applies to the questions displayed below] Athletic Performance Company (APC)...

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Accounting

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Required information [The following information applies to the questions displayed below] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1 : During the month of July, the company had the following activities: a. Issued 2,200 shares of common stock for $220,000 cash. b. Borrowed $40,250 cash from a local bank, payable in two yoors. c. Bought a building for $187,000; paid $52,000 in cash and signed a three-year note for the batance. d. Paid cash for equipment that cost $182,000 e. Purchased supplies for $15,500 on account. 3. Summarize the journal entry effects from part 2 using T-accounts. (TIP: Enter the July 1 balances as the month's beginning Required information \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Land } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}

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