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Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are $ 35,000 5,000 40,000 5,000 2,000 ৪0,000 Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings 120,000 Land Accounts Payable Notes Payable (due in three years) 30,000 37,000 Common Stock Retained Earnings ৪0, 000 150,000 50,000 During the year, the company had the following summarized activities: a. Purchased equipment that cost $21,000; paid $5,000 cash and signed a two-year note for the balance. b. Issued an additional 2,000 shares of common stock for $20,000 cash. c. Borrowed $50,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $4,000 cash. e. Built an addition to the factory buildings for $41,000; paid $12,000 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.

Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are $ 35,000 5,000 40,000 5,000 2,000 ৪0,000 Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings 120,000 Land Accounts Payable Notes Payable (due in three years) 30,000 37,000 Common Stock Retained Earnings ৪0, 000 150,000 50,000 During the year, the company had the following summarized activities: a. Purchased equipment that cost $21,000; paid $5,000 cash and signed a two-year note for the balance. b. Issued an additional 2,000 shares of common stock for $20,000 cash. c. Borrowed $50,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $4,000 cash. e. Built an addition to the factory buildings for $41,000; paid $12,000 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.

FINANCIAL ACCOUNTING
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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How to I summarize the previous journal entries into these T chart ledgers?
ezto.mheducation.com/ext/map/index.html?_con%3con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activi.. Homework Saved Help Save & Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are $ 35,000 5,000 40,000 5,000 2,000 80,000 Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Part 3 of 4 Equipment Buildings 120,000 30,000 Land Accounts Payable Notes Payable (due in three years) 37,000 80,000 points 150,000 50,000 Common Stock Retained Earnings eBook During the year, the company had the following summarized activities: Print References a. Purchased equipment that cost $21,000; paid $5,000 cash and signed a two-year note for the balance. b. Issued an additional 2,000 shares of common stock for $20,000 cash. c. Borrowed $50,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $4,000 cash. e. Built an addition to the factory buildings for $41,000; paid $12,000 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. Cash Accounts Receivable Mc Graw Hill < Prev. Next > 3 of 4 W 16 MacBook Pro 3.
Transcribed Image Text:ezto.mheducation.com/ext/map/index.html?_con%3con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activi.. Homework Saved Help Save & Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are $ 35,000 5,000 40,000 5,000 2,000 80,000 Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Part 3 of 4 Equipment Buildings 120,000 30,000 Land Accounts Payable Notes Payable (due in three years) 37,000 80,000 points 150,000 50,000 Common Stock Retained Earnings eBook During the year, the company had the following summarized activities: Print References a. Purchased equipment that cost $21,000; paid $5,000 cash and signed a two-year note for the balance. b. Issued an additional 2,000 shares of common stock for $20,000 cash. c. Borrowed $50,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $4,000 cash. e. Built an addition to the factory buildings for $41,000; paid $12,000 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. Cash Accounts Receivable Mc Graw Hill < Prev. Next > 3 of 4 W 16 MacBook Pro 3.
Common Stoek 150,000 50,000 hetained Earnings 3. During the year, the company had the following summarized activities: a. Purchased equipment that cost $21,000; paid $5,000 cash and signed a two-year note for the balance. b. Issued an additional 2,000 shares of common stock for $20,000 cash, c. Borrowed $50,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $4000 cash. e. Built an addition to the factory buildings for $41,000; paid $12,000 in cash'and signed a three-year note for the balance. E. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked, Part 3 of 4 points eBook 3. Summarize the journal entry effects from part 2 using T-accounts. TIP: Enter the December 31, balances as the month's beginning balances. Print Cash Accounts Recelvable Beg. Bal. Beg. Bal. References End. Bal. End. Bal. Inventory Supplies Beg. Bal. Beg. Bal. End. Bal. End. bal. Equipment Buildings Beg. Bal. Beg. Bal. End. Bal. End. Bal. Notes Receivable Land Beg. Bal Beg. Bal. End. Bal. End. Bal. Accounts Payable Notes Payable Beg. Bal. Beg. Bal. End. Bal End. Bal. Common Stock Retained Earnings Beg. Bl. Beg. Bal. End. Bal. End. Bal. Mc Graw Hill 25 18 W
Transcribed Image Text:Common Stoek 150,000 50,000 hetained Earnings 3. During the year, the company had the following summarized activities: a. Purchased equipment that cost $21,000; paid $5,000 cash and signed a two-year note for the balance. b. Issued an additional 2,000 shares of common stock for $20,000 cash, c. Borrowed $50,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $4000 cash. e. Built an addition to the factory buildings for $41,000; paid $12,000 in cash'and signed a three-year note for the balance. E. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked, Part 3 of 4 points eBook 3. Summarize the journal entry effects from part 2 using T-accounts. TIP: Enter the December 31, balances as the month's beginning balances. Print Cash Accounts Recelvable Beg. Bal. Beg. Bal. References End. Bal. End. Bal. Inventory Supplies Beg. Bal. Beg. Bal. End. Bal. End. bal. Equipment Buildings Beg. Bal. Beg. Bal. End. Bal. End. Bal. Notes Receivable Land Beg. Bal Beg. Bal. End. Bal. End. Bal. Accounts Payable Notes Payable Beg. Bal. Beg. Bal. End. Bal End. Bal. Common Stock Retained Earnings Beg. Bl. Beg. Bal. End. Bal. End. Bal. Mc Graw Hill 25 18 W
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