2. Lent $6,9000 to a supplier who signed a two year note. 3.Purchaed equipment that cost $20,000; paid $4,000 cash and signed a one-year note
2. Lent $6,9000 to a supplier who signed a two year note.
3.Purchaed equipment that cost $20,000; paid $4,000 cash and signed a one-year note for the balance.
4.Hired a new president at the end of the year. The contract was for $84,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year.
5.Issued an additional 2,600 shares of $0.50 par value common stock for $15,000 cash.
6.Borrowed $14,000 cash from a local bank, payable in three months.
7.Purchased a patent (an intangible asset) for $1,600 cash.
8.Built an addition to the factory for $25,000; paid $8,200 in cash and signed a three-year note for the balance.
9.Returned defective equipment to the manufacturer, receiving a cash refund of $4,000.
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $24,000 Accounts payable 3,400 Accrued liabilities payable 4,300 Notes payable (current) 25,000 Notes payable (noncurrent) 1,300 Common stock 46,000 Additional paid-in capital 91,000 Retained earnings 4,100 $13,000 3,000 6,500 46,000 10,400 93,600 26,600 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,400 cash. b. Lent $6,900 to a supplier who signed a two-year note. c. Purchased equipment that cost $20,000; paid $4,000 cash and signed a one-year note for the balance. d. Hired a new president at the end of the year. The contract was for $84,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 2,600 shares of $0.50 par value common stock for $15,000 cash. f. Borrowed $14,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,600 cash. h. Built an addition to the factory for $25,000; paid $8,200 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $4,000. Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis General Journal tab - Prepare journal entries to record the transactions listed in (a) through (i). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the General Ledger. Trial Balance tab - Your choice will determine the reported values on the financial statement tabs. Balance Sheet tab - Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. Analysis tab - Compute the current ratio for the current year. Journal entry worksheet 1 2 3 4 5 6 7 8 9 Purchased short-term investments for $7,400 cash. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal General Ledger Account Cash Debit Accounts receivable Debit Credit No. Credit No. Balance Date December 31 Balance 24,000 Date December 31 4,300 Inventory Debit No. Notes receivable (long-term) Date Debit Credit December 31 No. Credit Balance 1,300 Date December 31 Balance 25,000 Equipment Debit No. Short-term investments Date Debit Credit December 31 No. Credit Balance Balance 3,400 Date December 31 46,000 Factory building Debit Credit Intangibles Debit No. No. Credit Date December 31 Balance 91,000 Date December 31 Balance 4,100 Accounts payable Debit Credit Notes payable (current) Debit Credit No. No. Date December 31 Balance 13,000 Date December 31 Balance 6,500 No. Accrued liabilities payable Date Debit Credit December 31 No. Balance 3,000 Notes payable (noncurrent) Date Debit Credit December 31 Balance 46,000 Common stock Debit Credit No. No. Date December 31 Balance 10,400 Additional paid-in-capital Date Debit Credit December 31 Balance 93,600 Retained earnings Debit Credit No. Date Balance 26,600 December 31 JAGUAR PLASTICS COMPANY Trial Balance December 31, 2021 Account Title Debit Credit $ 24,000 4,300 1,300 25,000 3,400 46,000 91,000 4,100 Cash Accounts receivable Notes receivable (long-term) Inventory Short-term investments Equipment Factory building Intangibles Accounts payable Notes payable (current) Accrued liabilities payable Notes payable (noncurrent) Common stock Additional paid-in-capital Retained earnings Total 13,000 6,500 3,000 46,000 10,400 93,600 26,600 199,100 199,100 $ JAGUAR PLASTICS COMPANY Balance Sheet December 31 Assets Liabilities Current assets: Current liabilities: 0 0 Non-current assets: 0 Total liabilities Stockholders' Equity 0 0 0 Total liabilities and stockholders' equity Total assets $ $ 0 Compute the current ratio for the current year. Current ratio
