Required information

PA$2-2($Algo$)$ Recording Transactlons $($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 $2-5]$

$[$The following information applles to the questions ollsplayed below.$]$

Dellberate Speed Corporation $($DSC$)$ was Incorporated as a prlvate company. The company's accounts Included the following at June $30$:

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|\}$

$\backslash$hline Accounts Payable & $\backslash$$ $28,200\backslash \backslash$

$\backslash$hline Buildings & $194,090\backslash \backslash$

$\backslash$hline Cash & $49,090\backslash \backslash$

$\backslash$hline Common Stock & $145,080\backslash \backslash$

$\backslash$hline Equipment & $157,080\backslash \backslash$

$\backslash$hline Land & $291,090\backslash \backslash$

$\backslash$hline Notes Payable $($long$-$tern$)$ & $6,490\backslash \backslash$

$\backslash$hline Retained Earnings & $526,380\backslash \backslash$

$\backslash$hline Supplies & $14,900\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

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

a$.$ Issued $5,200$ shares of common stock for $\backslash (\backslash$$ $520,000\backslash )$ cash.

b$.$ Borrowed $\backslash (\backslash$$ $112000\backslash )$ cash from a local bank, payable In two years.

c$.$ Bought a building for $\backslash (\backslash$$ $207,000\backslash )$; pald $\backslash (\backslash$$ $105,000\backslash )$ in cash and signed a three$-$year note for the balance.

d$.$ Pald cash for equipment that cost $\backslash (\backslash$$ $230,000\backslash ).$

$\backslash ($ e $\backslash ).$ Purchased supplies for $\backslash (\backslash$$ $45,250\backslash )$ on account.

A$2-2($Algo$)$ Part $5$

$5.$ Prepare a classIfied balance sheet at July $31.$

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{7\}\{|$c$|\}\{$ DELIBERATE SPEED CORPORATION $\}\backslash \backslash$

Balance Sheet & $\backslash \backslash$

$\backslash$hline & At July $31$ & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$