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I am having some trouble with this question. The green checkedmarked ones are what I have so far, however I am not sure what I amdoing incorrectly for the remaining "x"
! 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 Notes payable (current) 3,600 34,000 Notes payable (noncurrent) 2,800 Long-term lease liabilities 48,000 Common stock 93,000 Additional paid-in capital Retained earnings 145,000 3,800 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. $19,000 3,500 7,800 43,000 59,000 10,500 94,500 123,400 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 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. company stock at a set price based on company performance. The new president begins her position on January 1 of next year. 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.
Required information Beginning Balance (e) (f) (1) Ending Balance Beginning Balance Debit Beginning Balance (b) Debit Ending Balance Debit Ending Balance Cash 28,000 13,000 20,000 2,800 35,700 Accounts Receivable 3,600 3,600 Notes Receivable (long-term) 2,800 5,500 8,800 (a) 5,500 (b) 4,700 (c) 1,500 7,600 8,300 Credit (g) (h) Credit Credit >>> Beginning Balance (a) Ending Balance Beginning Balance Debit Beginning Balance (c) Debit Ending Balance Debit Ending Balance Investments (short-term) 2,500 8,800 11,300 Inventory 34,000 34,000 Equipment 48,000 20,300 65,500 Credit Credit Credit 2,800 (1)
Beginning Balance (h) Ending Balance Beginning Balance Debit Beginning Balance Ending Balance Debit 93,000 ✓ 28,000✔ Debit Ending Balance Factory Building 121,000 Intangible Assets 3,800 3,800 Accrued Liabilities Payable 3,500 3,500 Credit Credit Credit Beginning Balance Ending Balance Beginning Balance Debit Beginning Balance Debit Ending Balance Debit Ending Balance Operating Lease ROU Assets 145,000 145,000 Accounts Payable 19,000 19,000 Notes payable (current) 7,800 7.800 Credit Credit Credit
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 Debit Ending Balance Long-term Lease Liabilities 59,000 59,000 Additional Paid-in Capital Credit 96,900 Credit 94,500 2,400 X (e)
Hello! I am having some trouble with this question. The green checked marked ones are what I have so far, however I am n
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