Required information Skip to question The following information applies to the questions displayed below Jaguar Plastics Company has been operating for three years At December 31 of last year, the accounting records reflected the following Cash $ 28,000 Accounts payable $ 16,000 Investments (short term) 3,400 Accrued liabilities payable 3,200 Accounts receivable 4,200 Notes payable (current) 7,300 Inventory 34,000 Notes payable (noncurrent) 49,000 Notes receivable (long term) 1,400 Common stock 10,500 Equipment 51,000 Additional paid in capital 94,500 Factory building 105,000 Retained earnings 49,800 Intangibles 3,300 During the current year, the company had the following summarized activities Purchased short term investments for $8,800 cash Lent $6,300 to a supplier who signed a two year note Purchased equipment that cost $27,000 paid $5,900 cash and signed a one year note for the balance Hired a new president at the end of the year The contract was for $78,000 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 Issued an additional 2,600 shares of $0 50 par value common stock for $14,000 cash Borrowed $20,000 cash from a local bank, payable in three months Purchased a patent (an intangible asset) for $1,300 cash Built an addition to the factory for $22,000 paid $8,800 in cash and signed a three year note for the balance Returned defective equipment to the manufacturer, receiving a cash refund of $2,400 Required 1 2 Post the current year transactions to T accounts for each of the accounts on the balance sheet (Two items have been given in the cash T account as examples) Cash Investments (short term) 3,400 Beg Bal 28,000 Beg Bal 8,800 (a) 6,300 (b) End Bal 3,400 End Bal 12,900 Accounts Receivable 4,200 Inventory 34,000 Beg Bal Beg Bal End Bal 4,200 End Bal 34,000 Notes Receivable (long term) Equipment 51,000 Beg Bal 1,400 Beg Bal End Bal 1,400 End Bal 51,000 Factory Building 105,000 Intangibles 3,300 Beg Bal Beg Bal End Bal 105,000 End Bal 3,300 Accounts Payable 16,000 Accrued Liabilities Payable 3,200 Beg Bal Beg Bal End Bal 16,000 End Bal 3,200 Notes payable (current) 7,300 Notes payable (noncurrent) 49,000 Beg Bal Beg Bal End Bal 7,300 End Bal 49,000 Common Stock Additional Paid in Capital 94,500 Beg Bal 10,500 Beg Bal End Bal 10,500 End Bal 94,500 Retained Earnings 49,800 Beg Bal End Bal 0 49,800

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Required information Skip to question [The following information applies to the questions displayed below.] Jaguar Plastics Company has been operating for three years. At December

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[The following information applies to the questions displayed below.] Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following:


Cash	$	28,000	Accounts payable	$	16,000
Investments (short-term)		3,400	Accrued liabilities payable		3,200
Accounts receivable		4,200	Notes payable (current)		7,300
Inventory		34,000	Notes payable (noncurrent)		49,000
Notes receivable (long-term)		1,400	Common stock		10,500
Equipment		51,000	Additional paid-in capital		94,500
Factory building		105,000	Retained earnings		49,800
Intangibles		3,300

During the current year, the company had the following summarized activities:

Purchased short-term investments for $8,800 cash.
Lent $6,300 to a supplier who signed a two-year note.
Purchased equipment that cost $27,000; paid $5,900 cash and signed a one-year note for the balance.
Hired a new president at the end of the year. The contract was for $78,000 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.
Issued an additional 2,600 shares of $0.50 par value common stock for $14,000 cash.
Borrowed $20,000 cash from a local bank, payable in three months.
Purchased a patent (an intangible asset) for $1,300 cash.
Built an addition to the factory for $22,000; paid $8,800 in cash and signed a three-year note for the balance.
Returned defective equipment to the manufacturer, receiving a cash refund of $2,400.

Required:

1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet. (Two items have been given in the cash T-account as examples).

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Cash Investments (short-term) 3,400 Beg. Bal. 28,000 Beg. Bal. 8,800 (a) 6,300 (b) End. Bal. 3,400 End. Bal. 12,900 Accounts Receivable 4,200 Inventory 34,000 Beg. Bal. Beg. Bal. End. Bal. 4,200 End. Bal. 34,000 Notes Receivable (long-term) Equipment 51,000 Beg. Bal. 1,400 Beg. Bal. End. Bal. 1,400 End. Bal. 51,000 Factory Building 105,000 Intangibles 3,300 Beg. Bal. Beg. Bal. End. Bal. 105,000 End. Bal. 3,300 Accounts Payable 16,000 Accrued Liabilities Payable 3,200 Beg. Bal. Beg. Bal. End. Bal. 16,000 End. Bal. 3,200 Notes payable (current) 7,300 Notes payable (noncurrent) 49,000 Beg. Bal. Beg. Bal. End. Bal. 7,300 End. Bal. 49,000 Common Stock Additional Paid-in Capital 94,500 Beg. Bal. 10,500 Beg. Bal. End. Bal. 10,500 End. Bal. 94,500 Retained Earnings 49,800 Beg. Bal. End. Bal. 0 49,800