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 \$25,150; paid $6,550 cash and signed a two-year note for the balance. b. Issued an additional 4,500 shares of common stock for $45,000cash. c. Borrowed $72,500cash from a local bank, payable June 30 , in two years. d. Purchased supplies for $5,800 cash, e. Bulit an addition to the factory buildings for $52,250; paid $21,500 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. 3. Summarize the journal entry effects from part 2 using T-accounts. TIP: Enter the December 31 , balances as the month's beginning balances. Prev 8Cs9 of 9 Next >