Cp2-2 recording transactions (in a journal and t-accounts); preparing and interpreting the balance sheet [lo 2-2, lo 2-3, lo 2-4, lo 2-5][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 $ 6,700 building 268,000 cash 10,150 common stock 404,000 equipment 34,750 land 112,000 notes payable (long-term) 22,750 retained earnings 0 supplies 8,550 during the month of july, the company had the following activities: during the month of july, the company had the following activities: a. issued 3,400 shares of common stock for $340,000 cash. b. borrowed $34,250 cash from a local bank, payable in two years. c. bought a building for $211,000; paid $55,000 in cash and signed a three-year note for the balance. d. paid cash for equipment that cost $127,000.e. purchased supplies for $18,500 on account. 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' equitycash supplies building equipment land accounts payable notes payable common stock retained earningsbeg. 10,150 8,550 268,000 34,750 112,000 6,700 22,750 404,000 a. b. c. d. e. end. 2. record the transaction effects determined in part 1 using journal entries. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)1.) issuance of 3,400 shares of common stock for $340,000 cash. record the transaction.2.) the borrowing of $34,250 cash from a local bank, payable june in two years. record the transaction.3.) the purchase of a building for $211,000; paid $55,000 in cash and signed a three-year note for the balance. record the transaction.4.) the payment of cash for equipment that cost $127,000. record the transaction.5.) the purchase of supplies for $18,500 on account. record the transaction. transaction general journal debit credit a. cp2-2 part 33. summarize the journal entry effects from part 2 using t-accounts. (tip: enter the july 1 balances as the month’s beginning balances.)cash suppliesbeg. bal. beg. bal. end. bal. end. bal. equipment buildingbeg. bal. beg. bal. end. bal. end. bal. land accounts payablebeg. bal. beg. bal. end. bal. end. bal. notes payable (long-term) common stockbeg. bal. beg. bal. end. bal. end. bal. retained earningsbeg. bal. end. bal. 4. prepare a trial balance at july 31.athletic performance companytrial balancedebit credittotals $0 $0