piles 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 $103,000 700,000 110,000 370,000 188,000 544,000 13,000 1,066,000 10,000 During the month of July, the company had the following activities: a. Issued 4,900 shares of common stock for $490,000 cash. b. Borrowed $160,000 cash from a local bank, payable in four years. c. Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $110,000. e. Purchased supplies for $110,000 on account. 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.)
piles 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 $103,000 700,000 110,000 370,000 188,000 544,000 13,000 1,066,000 10,000 During the month of July, the company had the following activities: a. Issued 4,900 shares of common stock for $490,000 cash. b. Borrowed $160,000 cash from a local bank, payable in four years. c. Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $110,000. e. Purchased supplies for $110,000 on account. 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.)
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section11.3: Accounting For The Declaration And Payment Of A Dividend
Problem 1WT
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Question
![[Ine 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:
a.
C
Accounts Payable
Buildings
d.
Cash
Common Stock
Equipment
During the month of July, the company had the following activities:
a. Issued 4,900 shares of common stock for $490,000 cash.
b. Borrowed $160,000 cash from a local bank, payable in four years.
c. Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $110,000.
e. Purchased supplies for $110,000 on account.
e.
Land
Notes Payable (long-term)
1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances
with a minus sign.)
Retained Earnings
Supplies
Cash
Supplies
Assets
Buildings
Equipment
$103,000
700,000
110,000
370,000
188,000
544,000
13,000
1,066,000
10,000
11
11
Liabilities
Accounts Notes Payable
Payable (long-term)
+
+
+
+
+ +
Stockholders
Equity
Common
Stock](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2f2d8308-4617-4f9f-b9aa-7267aedefe16%2Fbcc97d64-9a98-4af1-bca1-1d1aef83494b%2F0xg2bh8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[Ine 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:
a.
C
Accounts Payable
Buildings
d.
Cash
Common Stock
Equipment
During the month of July, the company had the following activities:
a. Issued 4,900 shares of common stock for $490,000 cash.
b. Borrowed $160,000 cash from a local bank, payable in four years.
c. Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $110,000.
e. Purchased supplies for $110,000 on account.
e.
Land
Notes Payable (long-term)
1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances
with a minus sign.)
Retained Earnings
Supplies
Cash
Supplies
Assets
Buildings
Equipment
$103,000
700,000
110,000
370,000
188,000
544,000
13,000
1,066,000
10,000
11
11
Liabilities
Accounts Notes Payable
Payable (long-term)
+
+
+
+
+ +
Stockholders
Equity
Common
Stock
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