The following is a list of account balances for Pick-A-Pet,Inc.,as of June 30,Year 3:
The company entered into the following transactions during July Year 3.Stockholders contribute $300,000 cash for additional ownership shares and the company pays $550,000 in cash and borrows $150,000 from a bank to buy new equipment.No other transactions took place during July,Year 3.
Required:
Part a.Prepare a classified balance sheet for the company at June 30,Year 3.
Part b.Show the effects of the July transactions on the basic accounting equation.
Part c.Prepare the journal entries that would be used to record the transactions.
Definitions:
Visual Cortex
The area of the brain responsible for processing visual information.
Visual Field
The entire area that can be seen by the eye when it is focused on a central point, encompassing both central and peripheral vision.
Afterimage
The visual illusion of a image continuing to appear in one's vision after the exposure to the original image has ceased.
Opponent Process Theory
A psychological and neurobiological theory that explains how the contrast of colors is achieved in the brain and how emotions are regulated.
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