Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash Accounts Receivable Inventory $ 38,750 6,450 52,500 Supplies 6,850 Notes Receivable (due in three years) 2,950 Equipment 119,500 Buildings 201,000 Land 47,750 Accounts Payable Notes Payable (due in three years) 53,000 118,500 150,000 154,250 Common Stock Retained Earnings During the year, the company had the following summarized activities: a. Purchased equipment that cost $25,850; paid $6,350 cash and signed a two-year note for the balance. b. Issued an additional 2,100 shares of common stock for $21,000 cash. c. Borrowed $83,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $9,750 cash. e. Built an addition to the factory buildings for $56,500; paid $18,500 in cash and signed a three-year note for the balance. f. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis General Journal tab - Prepare the journal entries to record the transactions (a) through (f). Review the 'General Ledger' and the unadjusted 'Trial Balance' Tabs to see the effect of the transactions on the account balances. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab - The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Balance Sheet tab - Prepare a classified balance sheet at December 31. Analysis tab - Using the information from the requirements above, complete the 'Analysis' tab. < Requirement General Journal > Prepare the journal entries to record transactions (a) through (f). TIP: In transaction (e), three different accounts are affected. In transaction (f), consider whether PPC owes anything to its new president for the current year ended December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < A B C D E F Purchased equipment that cost $25,850; paid $6,350 cash and signed a two- year note for the balance. Record the transaction. Note: Enter debits before credits. Date December 31 > General Journal Debit Credit Record entry Clear entry View general journal < Requirement General Ledger > Each journal entry is posted automatically to the general ledger. General Ledger Account Cash Accounts Receivable No. Date Debit Credit Balance No. January 01 38,750 Date January 01 Debit Credit Balance 6,450 Inventory Supplies No. Date Debit Credit Balance No. January 01 52,500 Date January 01 Debit Credit Balance 6,850 Land Buildings No. Date Debit Credit Balance No. January 01 47,750 Date January 01 Debit Credit Balance 201,000 Equipment No. Date January 01 Debit Credit Balance No. 119,500 Date January 01 Notes Receivable (long-term) Debit Credit Balance 2,950 No. Date January 01 Accounts Payable Debit Notes Payable (long-term) Credit Balance No. 53,000 Date January 01 Debit Credit Balance 118,500 Common Stock Retained Earnings No. Date Debit Credit Balance No. January 01 150,000 Date January 01 Debit Credit Balance 154,250 Cash Accounts Receivable Inventory Supplies Land Buildings Equipment Notes Receivable (long-term) Accounts Payable Notes Payable (long-term) Common Stock Retained Earnings Total PERFORMANCE PLASTICS COMPANY Trial Balance January 01, 2020 Account Title Debit Credit EA $ 38,750 6,450 52,500 6,850 47,750 201,000 119,500 2,950 53,000 118,500 150,000 154,250 $ 475,750 $ 475,750 PERFORMANCE PLASTICS COMPANY Balance Sheet At December 31 $ 0 0 0 0 EA $ 0 0 0 0 0 0 0 0 $ 0