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am still having trouble figuring out the wrong parts of this. Can someone help please. For some reason I keep getting X/

Posted: Sun Jul 03, 2022 1:07 pm
by answerhappygod
am still having trouble figuring out the wrong parts of this.Can someone help please. For some reason I keep getting X/red. Iposted this question before and got an answer, but it was stillcoming up wrong.
Am Still Having Trouble Figuring Out The Wrong Parts Of This Can Someone Help Please For Some Reason I Keep Getting X 1
Am Still Having Trouble Figuring Out The Wrong Parts Of This Can Someone Help Please For Some Reason I Keep Getting X 1 (59.69 KiB) Viewed 11 times
Am Still Having Trouble Figuring Out The Wrong Parts Of This Can Someone Help Please For Some Reason I Keep Getting X 2
Am Still Having Trouble Figuring Out The Wrong Parts Of This Can Someone Help Please For Some Reason I Keep Getting X 2 (35.11 KiB) Viewed 11 times
Required information [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 Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Operating lease right-of-use assets Intangible assets $28,000 Accounts payable 2,500 Accrued liabilities payable 3,600 Notes payable (current) 34,000 Notes payable (noncurrent) 2,800 Long-term lease liabilities. 48,000 Common stock 93,000 Additional paid-in capital 145,000 Retained earnings 3,800 $19,000 3,500 7,800 43,000 59,000 10,500 94,500 123,400 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,800 cash. b. Lent $5,500 to a supplier, who signed a two-year note. c. Leased equipment that cost $25,000; paid $4,700 cash and signed a five-year right-of-use lease for the balance. d. Hired a new president at the end of the year. The contract was for $95,000 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. e. Issued an additional 2,400 shares of $0.50 par value common stock for $13,000 cash. f. Borrowed $20,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,500 cash. h. Built an addition to the factory for $28,000; paid $7,600 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $2,800. Required: 1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet.
Beginning Balance (e) (f) (i) Ending Balance Beginning Balance Debit Beginning Balance (b) Ending Balance ✔ ✓ ✓ Debit Debit Cash 28,000 13,000✔ 20,000✔ 2,800✔ 35,700 Accounts Receivable 3,600 3,600 8,800 (a) 5,500 (b) 4,700 (c) 1,500✓ (g) 7,600✔ (h) Notes Receivable (long-term) 2,800 ✓ 5,500✔ Credit Credit Credit 33333 Answer is not complete. Beginning Balance (a) Ending Balance Beginning Balance Debit Beginning Balance (c) Ending Balance ✓ Debit Debit X Investments (short-term) 2,500 8,800✔ 11,300 Inventory 34,000 34,000 Equipment 48,000 25,000 X Credit Credit Credit 2,800 (i)
Beginning Balance Ending Balance Beginning Balance Debit Beginning Balance Debit Ending Balance Debit Ending Balance Notes payable (noncurrent) 43,000 43,000 Common Stock 10,500 10,500 Retained Earnings 123,400 123.400 Credit Credit Credit Beginning Balance Debit Ending Balance Beginning Balance (e) Debit Ending Balance Long-term Lease Liabilities 59,000 2,400 X 59,000 Additional Paid-in Capital Credit 105,100 Credit 94,500 13,000 X (e)