CP$2-2($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 $2-5]$

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$[$The following information applies to the questions displayed below.$]$

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Athletic Performance Company $($APC$)$ was incorporated as a private company. The company$$s accounts included the following at July $1$:

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Accounts Payable $ $7,750$

Buildings $$226,000$

Cash $$8,050$

Common Stock $$358,000$

Equipment $$23,000$

Land $$121,000$

Notes Payable $($long$-$term$)$ $$19,250$

Retained Earnings $0$

Supplies $$6,950$

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During the month of July, the company had the following activities:

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Issued $2,300$ shares of common stock for $$230,000$ cash.

Borrowed $$53,250$ cash from a local bank, payable in two years.

Bought a building for $$234,000$; paid $$51,000$ in cash and signed a three$-$year note for the balance.

Paid cash for equipment that cost $$130,000.$

Purchased supplies for $$15,250$ on account. CP$2-2($Algo$)$ Part $5$

$5.$ Prepare a classified balance sheet at July $31.$ Include Retained Earnings on the balance sheet even though the account has a zero balance.