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 2,900 Accrued liabilities payable 4,900 Notes payable (current) 26,000 Notes payable (noncurrent) 1,300 Common stock 56,000 Additional paid-in capital 104,000 Retained earnings 4,200 $ 13,000 2,900 6,500 41,000 10,400 93,600 55,900 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,200 cash. b. Lent $5,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $27,000; paid $4,500 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 $81,000 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 2,200 shares of $0.50 par value common stock for $17,000 cash. f. Borrowed $15,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,300 cash. h. Built an addition to the factory for $20,000; paid $7,500 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,400. Journal entry worksheet 2 3 4 5 6 7 8 9 Purchased short-term investments for $7,200 cash. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Journal entry worksheet