C Chegg Study | Guided So x M Final Exam Dezto. mheducation.com/hm.tpx Bearings

Question

C Chegg Study | Guided So x M Final Exam Dezto. mheducation.com/hm.tpx 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 56,000 520,000 92,000 190,000 152,000 454,000 7,000 976,000 11,000 During the month of July, the company had the following activities: a. Issued 3,100 shares of common stock for $310,000 cash. b. Borrowed $70,000 cash from a local bank, payable in four years. c. Bought a building for $170,000; paid $68,000 in cash and signed a three-year note for the balance d. Paid cash for equipment that cost $92,000 e. Purchased supplies for $92,000 on account. 5 value: Required Information 5.00 points Required 1. Analyze transactions (a)(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity a. 3 7:51

Explanation / Answer

Assets = Liabilities + Stockholders equity A 310000 0 310000 B 70000 70000 0 C 102000 102000 0 D 0 0 0 E 92000 92000 0

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