Chapter 2 Homework Having A Hard Time Getting Hep With This One. Th.1I Chega.com

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Chapter 2 Homework Having A Hard Time Getting Hep With This One. Th.1I Chega.com Chapter 2 Homework Help Save&Exit Check my 3 Required information The following information applies to the questions displayed below) Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1 Accounts Payable Building 15.000 324,030 Equipnent Notes Payable (1ong-tem) Retained Earning Supplies 5,580 During the month of July, the company had the following activities a. Issued 3,900 shares of common stock for $390.000 cash b. Borrowed $35,750 cash from a local bank. payable in two years c Bought a building for $208250 paid $62 250 in cash and signed a three-year note for the balance d Paid cash for equipment that cost $152.000 e Purchased supplies for $13,100 on account Prev3 4 57 of 14Next > 5 commandop

Explanation / Answer

Journal Entries Amount in $ Amount in $ tranasction General Journal Debit Credit (a) cash A/c 390000        To Common Stock A/c 390000 (being issuance of 3900 Common stock has been recorded) (b) cash A/c 35750        To Loan from Local bank (2 years) A/c 35750 (being loan taken has been Recorded) (C ) Buliding A/c 208250       To cash A/c 62250        To Notes payables (3 years ) A/c 146000 (Being Building Purchased has been recorded) (d) Equipment A/c 152000          To cash A/c 152000 (being Equipment has been purchased Has been Recorded) (e ) Supplies A/c 13100          To Creditors A/c 13100 (being Supplies purchased on Credit has been recorded)

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