Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
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
See similar textbooks
icon
Related questions
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
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
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS