?Required information

$[$The following information applies to the questions displayed below.$]$

Performance Plastics Company $($PPC$)$ ?has been operating for three years. The beginning account balances are:

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

a$.$ ?Purchased equipment that cost $$26,500$; paid $$8,600$ ?cash and signed a two$-$year note for the balance.

b$.$ ?Issued an additional $4,800$ ?shares of common stock for $$48,000$ ?cash.

c$.$ ?Borrowed $$55,500$ ?cash from a local bank, payable June $30,$ ?in two years.

d$.$ ?Purchased supplies for $$8,000$ ?cash.

e$.$ ?Built an addition to the factory buildings for $$54,750$; paid $$23,500$ ?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.

Summarize the journal entry effects from part $2$ ?using T$-$accounts. TIP: Enter the December $31,$ ?balances as the month's beginning

balances.