Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash $ 49, 250 Accounts Receivable 6,800 Inventory 50,500 Supplies 9,500 Notes Receivable (due in three years) 6,750 Equipment 125,500 Buildings 144,000 Land 49, 750 Accounts Payable 45,000 Notes Payable (due in three years) 104,500 Common Stock 150,000 Retained Earnings 142,550 During the year, the company had the following summarized activities: a. Purchased equipment that cost $32,000; paid $8,500 cash and signed a two-year note for the balance. b. Issued an additional 3.000 shares of common stock for $30,000 cash. c Borrowed $52,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $7150 cash e. Built an addition to the factory buildings for $50,000; paid $14.750 in cash and signed a three-year note for the balance. 1. 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 Prepare the journal entries to record transactions (a) through (O. TIP: In transaction (e), three different accounts are affected. In transaction (1), 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 to Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis Prepare the journal entries to record transactions (a) through (). TIP: In transaction (e), three different accounts are affected. In transaction (), 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 Borrowed $52,500 cash from a local bank, payable June 30, in two years. Record the transaction Note: Enter debits before credits General Journal Deblt Credit Date December 31 Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis Prepare the journal entries to record transactions (a) through ((). TIP: In transaction (e), three different accounts are affected. In transaction (O), 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 B D E F Purchased supplies for $7,150 cash. Record the transaction. Note: Enter debits before credits Date General Journal Debit Credit December 31 Record entry Clear entry View general Journal ch Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis Prepare the journal entries to record transactions (a) through (). TIP: In transaction (e), three different accounts are affected. In transaction to 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 E F Journal entry worksheet
