Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Deliberate Speed Corporation (DSC) 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 $ 20,000 100,000 36,000 180,000 118,000 200,000 2,000 259,000 7,000 During the month of July, the company had the following activities: a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $100,000 cash from a local bank, payable in two years. c. Bought a building for $182,000; paid $82,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $200,000. e. Purchased supplies for $30,000 on account. 4 d. Paid cash for equipment that cost $200,000. e. Purchased supplies for $30,000 on account. Part 4 of 6 4. Prepare a trial balance at July 31. 2 points eBook Print Buildings References Accounts Payable Mc Graw Cash Common Stock DELIBERATE SPEED CORPORATION Trial Balance At July 31 Debit Credit Totals $ 0 0 Prev 4 G5 10 6 of 6 Next > Check my work Deliberate Speed Corporation (DSC) 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 $ 20,000 100,000 36,000 180,000 118,000 200,000 2,000 259,000 7,000 During the month of July, the company had the following activities: a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $100,000 cash from a local bank, payable in two years. c. Bought a building for $182,000; paid $82,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $200,000. e. Purchased supplies for $30,000 on account. 4 d. Paid cash for equipment that cost $200,000. e. Purchased supplies for $30,000 on account. Part 4 of 6 4. Prepare a trial balance at July 31. 2 points eBook Print Buildings References Accounts Payable Mc Graw Cash Common Stock DELIBERATE SPEED CORPORATION Trial Balance At July 31 Debit Credit Totals $ 0 0 Prev 4 G5 10 6 of 6 Next > Check my work
Expert Answer:
Answer rating: 100% (QA)
To prepare a trial balance at July 31 for Deliberate Speed Corporation we need to list all the a... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
Students also viewed these accounting questions
-
Deliberate Speed Corporation (DSC) was incorporated as a private company. The companys accounts included the following at June 30: During the month of July, the company had the following activities:...
-
Bearings & Brakes Corporation (B& B) was incorporated as a private company. The companys accounts included the following at June 30: During the month of July, the company had the following...
-
In 1991, good x cost $5 and good y cost $1. They now cost $9 and $5 respectively. In 1991 the consumption bundle of x and y was 4 x s and 5 y s. It is now 9 x s and 7 y s. Calculate the Laspeyres...
-
The components of vector are A x and A y (both positive), and the angle that it makes with respect to the positive x axis is q. Find the angle q if the components of the displacement vector are (a)...
-
Assuming beginning work in process is zero, the equivalent units of production computed using FIFO versus weighted average will have the following relationship: 1. FIFO equivalent units will be...
-
How would the primordial helium content of the universe have been affected if the present cosmic background radiation temperature was \(27 \mathrm{~K}\) instead of \(2.7 \mathrm{~K}\) ? What about...
-
The number of heart surgeries performed at Hartville General Hospital has increased steadily over the past several years. The hospitals administration is seeking the best method to forecast the...
-
Suppose that Jane believes that lying is wrong, whereas Joe believes that lying is not wrong. What does Error imply about this disagreement?
-
Ashton and Melody Webb are a married couple in their mid-20s. Ashton has a good start as an electrical engineer and Melody works as a sales representative. Since their marriage four years ago, Ashton...
-
Choose a project to work on based on two (2) different scenarios: When thinking about which project will work best for you, consider your professional and personal experience as an adult, and which...
-
Read the following articles surrounding the organizational structure, leadership, and strategy. You will answer the following questions: Today, many organizations do not use formal organizational...
-
What are embedded audit modules? What is computer audit software or generalized audit software? How is a financial audit different from an information systems audit?
-
How did market and technology dynamics provide opportunities for the inventor? How was the opportunity concept developed? Was it a technology looking for a home or a need looking to be met? What...
-
Considering how motivations and emotions can play a significant part in business decisions, outline the steps you would take as a business manager or owner to minimize the effects of these two...
-
What role does corporate reputation play within organizational performance and social responsibility? Develop a list of factors or characteristics that different stakeholders may use in assessing...
-
4. (a) Prove that (-1+iv3)" + (-1 - iv3)" has either the value 2+1 or the value -2" if n is any integer (positive, negative or zero). [39 marks] (b) The complex numbers z1 and z2 are connected by the...
-
5. Convert the following ERD to a relational model. SEATING RTABLE Seating ID Nbr of Guests Start TimeDate End TimeDate RTable Nbr RTable Nbr of Seats RTable Rating Uses EMPLOYEE Employee ID Emp...
-
The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 is presented below. Required: Prepare the cash flows from operating activities...
-
Taste- T Company has been in business for 30 years and has developed a large group of loyal restaurant customers. Down Home Foods made an offer to buy Taste- T Company for $ 6,000,000. The market...
-
Match each definition with its related term or abbreviation by entering the appropriate letter in the space provided. Term or Abbreviation Definition 1. SEC A. A system that collects and processes...
-
Find the modified \(z\)-transform of the following functions: (a) \(E(s)=\frac{6}{(s+1)(s+2)(s+3)}\) (b) \(E(s)=\frac{4}{s(s+2)^{2}}\) (c) \(E(s)=\frac{s^{2}+2 s+2}{s(s+2)^{2}}\) (d)...
-
Repeat Problem 4.8-1 after replacing the digital filter with this transfer function: \[ D(z)=\frac{z-0.5}{(z-0.8)(z-1)} \]
-
Consider the system of Fig. P4.10-1. The plant is described by the first-order differential equation \[ \frac{d y(t)}{d t}+0.04 y(t)=0.2 m(t) \] Let \(T=2 \mathrm{~s}\). (a) Find the system transfer...
Study smarter with the SolutionInn App