The following is a list of account balances for pick-a-pet, incorporated, as of june 30, year 3: accounts payable$ 366,000 accounts receivable81,000 cash739,600 common stock683,100 equipment61,200 logo and trademarks424,400 notes payable270,300 retained earnings119,300 software132,500 the company entered into the following transactions during july, year 3. stockholders contribute $440,000 cash for additional ownership shares and the company borrows $220,000 in cash from a bank to buy new equipment at a later date. no other transactions took place during july, year 3. required: a. prepare a classified balance sheet for the company at june 30, year 3. b. show the effects of the july transactions on the basic accounting equation.
c. prepare the journal entries that would be used to record the transactions.