Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following:Cash $20,000Accounts payable 14,000Investments (short-term) 2,400Accrued liabilities payable 3,100Accounts receivable 4,000Notes payable (current) 5,500Inventory 29,000Notes payable (noncurrent) 49,000Notes receivable (long-term) 1,400Long-term lease liabilities 59,000Equipment 56,000Common stock 10,600Factory building 94,000Additional paid-in capital 95,400Operating lease right-of-use assets 150,000 Retained earnings 124,100Intangible assets 3,900 During the current year, the company had the following summarized activities:Purchased short-term investments for $7,200 cash.Lent $6,300 to a supplier, who signed a two-year note.Leased equipment that cost $23,000; paid $5,300 cash and signed a five-year right-of-use lease 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 1,600 shares of $0.50 par value common stock for $10,000 cash.Borrowed $11,000 cash from a local bank, payable in three months.Purchased a patent (an intangible asset) for $2,100 cash.Built an addition to the factory for $26,000; 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 $3,000. Required:1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet.DebitBeginning Balance(1)Ending BalanceDebitBeginning BalanceEnding BalanceDebitBeginning Balance(b)Ending BalanceDebitBeginning Balance(h)Ending BalanceCash20,0003,00023,000Accounts Receivable4,0004,000Notes Receivable (long-term)1,4006,3007,700Factory Building94,00026,000120,000CreditCreditCreditCreditDebitBeginning Balance(a)Ending BalanceDebitBeginning BalanceEnding BalanceEnding BalanceDebitBeginning BalanceDebitBeginning Balance(c)Ending Balance< PrevInvestments (short-term)2,4007,2009,600Inventory29,00029,000Equipment56,00056,000Operating Lease ROU Assets150,00023,000173,000S67 89CreditCreditCreditCreditof 14Next > Seginning BalanceDebitEnding BalanceSeginning BalanceDebitEnding BalanceEnding Balanceeginning BalanceEnding BalanceDebitDebitSeginning BalanceDebitSeginning BalanceIntangible Assets3,9003,900Accrued Liabilities Payable3,1003,100Notes payable (noncurrent)66,200Common Stock49,00017,200 (h)10,60010,600Retained EarningsCredit124,100CreditCreditCreditCreditDebitBeginning BalanceEnding BalanceDebitBeginning BalanceEnding BalanceDebitBeginning BalanceEnding BalanceDebitBeginning BalanceEnding BalanceAccounts Payable14,00014,000Notes payable (current)5,5005,500Long-term Lease Liabilities59,00059,000Additional Paid-in Capital95,40095,400CreditCreditCreditCredit

Name: Jaguar Plastics Company has been operating for three years. At Decembe
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Description: Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following:Cash $20,000Accounts payable 14,000Investments (short-term) 2,400Accrued liabilities payable 3,100Accounts receiva

Ledger Posting : The act of publishing journal entries in their respective general ledger accounts…

Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash $20,000 Accounts payable 14,000 Investments (short-term) 2,400 Accrued liabilities payable 3,100 Accounts receivable 4,000 Notes payable (current) 5,500 Inventory 29,000 Notes payable (noncurrent) 49,000 Notes receivable (long-term) 1,400 Long-term lease liabilities 59,000 Equipment 56,000 Common stock 10,600 Factory building 94,000 Additional paid-in capital 95,400 Operating lease right-of-use assets 150,000 Retained earnings 124,100 Intangible assets 3,900 During the current year, the company had the following summarized activities: Purchased short-term investments for $7,200 cash. Lent $6,300 to a supplier, who signed a two-year note. Leased equipment that cost $23,000; paid $5,300 cash and signed a five-year right-of-use lease 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 1,600 shares of $0.50 par value common stock for $10,000 cash. Borrowed $11,000 cash from a local bank, payable in three months. Purchased a patent (an intangible asset) for $2,100 cash. Built an addition to the factory for $26,000; 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 $3,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following:

Cash $20,000

Accounts payable 14,000

Investments (short-term) 2,400

Accrued liabilities payable 3,100

Accounts receivable 4,000

Notes payable (current) 5,500

Inventory 29,000

Notes payable (noncurrent) 49,000

Notes receivable (long-term) 1,400

Long-term lease liabilities 59,000

Equipment 56,000

Common stock 10,600

Factory building 94,000

Additional paid-in capital 95,400

Operating lease right-of-use assets 150,000 Retained earnings 124,100

Intangible assets 3,900

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

Purchased short-term investments for $7,200 cash.
Lent $6,300 to a supplier, who signed a two-year note.
Leased equipment that cost $23,000; paid $5,300 cash and signed a five-year right-of-use lease 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 1,600 shares of $0.50 par value common stock for $10,000 cash.
Borrowed $11,000 cash from a local bank, payable in three months.
Purchased a patent (an intangible asset) for $2,100 cash.
Built an addition to the factory for $26,000; 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 $3,000.

Required:
1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet.
Debit
Beginning Balance
(1)
Ending Balance
Debit
Beginning Balance
Ending Balance
Debit
Beginning Balance
(b)
Ending Balance
Debit
Beginning Balance
(h)
Ending Balance
Cash
20,000
3,000
23,000
Accounts Receivable
4,000
4,000
Notes Receivable (long-term)
1,400
6,300
7,700
Factory Building
94,000
26,000
120,000
Credit
Credit
Credit
Credit
Debit
Beginning Balance
(a)
Ending Balance
Debit
Beginning Balance
Ending Balance
Ending Balance
Debit
Beginning Balance
Debit
Beginning Balance
(c)
Ending Balance
< Prev
Investments (short-term)
2,400
7,200
9,600
Inventory
29,000
29,000
Equipment
56,000
56,000
Operating Lease ROU Assets
150,000
23,000
173,000
S
67 8
9
Credit
Credit
Credit
Credit
of 14
Next >

Seginning Balance
Debit
Ending Balance
Seginning Balance
Debit
Ending Balance
Ending Balance
eginning Balance
Ending Balance
Debit
Debit
Seginning Balance
Debit
Seginning Balance
Intangible Assets
3,900
3,900
Accrued Liabilities Payable
3,100
3,100
Notes payable (noncurrent)
66,200
Common Stock
49,000
17,200 (h)
10,600
10,600
Retained Earnings
Credit
124,100
Credit
Credit
Credit
Credit
Debit
Beginning Balance
Ending Balance
Debit
Beginning Balance
Ending Balance
Debit
Beginning Balance
Ending Balance
Debit
Beginning Balance
Ending Balance
Accounts Payable
14,000
14,000
Notes payable (current)
5,500
5,500
Long-term Lease Liabilities
59,000
59,000
Additional Paid-in Capital
95,400
95,400
Credit
Credit
Credit
Credit

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