Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me with doing the right t-accounts here? PLEASE The following information applies to the questions displayed below.) Required: 1. & 2. Prepare

image text in transcribedCan someone help me with doing the right t-accounts here? PLEASE

The following information applies to the questions displayed below.) Required: 1. & 2. Prepare T-accounts for May 31 of the current year from the preceding list; enter the respective beginning balances. For each transaction, record the current year's transaction effects in the T-accounts. Label each using the letter of the transaction. Compute ending balances. (Enter your answers in millions, not in dollars.) Cougar Plastics Company has been operating for three years. At December 31 of last year the accounting records reflected the following: Answer is not complete. Cash Beg. bal. Beg. bal. Additional Paid-in Capital 2.472 304 (a) 17,600 24,285 (g) Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles (e) $22,000 Accounts payable 3,000 Accrued liabilities payable 3,000 Notes payable (short-term) 20,000 Notes payable (long-term) 1,000 Common stock 50,000 Additional paid-in capital 90,000 Retained earnings 5,000 $15,000 4,000 7,000 47,000 10,000 80,000 31,000 UITIT (g) 13,864 (c) 3,864 (d) 350 (1) 15,276 (h) 8,5640 7840 304 X OOOOOO End, bal 2.776 End, bal 513 Cnara Darte Cuinnlice and Fuel Dronaid Evnanece During the current year, the company had the following summarized activities: a. Purchased short-term investments for $10,000 cash. b. Lent $5,000 to a supp who signed a two-year note. c. Purchased equipment that cost $18,000; paid $5,000 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 $85,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 2,000 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $9,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $3,000 cash. h. Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting in an Economic Context

Authors: Jamie Pratt

8th Edition

9781118139424, 9781118139431, 470635290, 1118139429, 1118139437, 978-0470635292

More Books

Students also viewed these Accounting questions