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:
Sales Growth
An increase in the amount of products or services sold by a company over a specific period, indicating the company's performance improvement.
Consumer Price
The price at which a product or service is sold to the end consumer.
Pull Strategy
A marketing strategy that aims to create demand for products and services among consumers, in order to "pull" the product through the distribution channel.
National Magazines
Publications that are distributed across an entire nation, catering to a broad audience with varied content.
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