i need the answer quickly 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 accountingrecords reflected the following:CashInvestments (short-term)$26,000 Accounts payable$14,000Accrued liabilities2,6003,600payableAccounts receivable4,200 Notes payable (current)6,200Notes payableInventory24,00048,000(noncurrent)Notes receivable (long-Long-term lease2,900term)liabilities65,000Equipment48,000 Common stock10,100Factory building92,000Additional paid-incapital90,900Operating lease right-of-use assets135,000 Retained earnings100,900Intangible assets4,000During the current year, the company had the following summarized activities:a. Purchased short-term investments for $8,200 cash.b. Lent $5,800 to a supplier, who signed a two-year note.c. Leased equipment that cost $19,000; paid $5,500 cash and signed a five-year right-of-use lease for thebalance.d. Hired a new president at the end of the year. The contract was for $77,000 per year plus options topurchase company stock at a set price based on company performance. The new president begins herposition on January 1 of next year.e. Issued an additional 1,100 shares of $0.50 par value common stock for $19,000 cash.f. Borrowed $12,000 cash from a local bank, payable in three months.g. Purchased a patent (an intangible asset) for $1,400 cash.h. Built an addition to the factory for $28,000; paid $7,500 in cash and signed a three-year note for thebalance.i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,800.Required:1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet.Answer is not complete.DebitCashCreditBeginningBalance26,000(e)10,100X2,600 (a)(f)48,000X2,900X (b)Ο48,000X(c)(g)(h)EndingBalance126,600Accounts ReceivableDebitBeginning4,200BalanceEnding4,200Balance33333Investments (short-term)DebitCreditBeginningBalance2,600EndingBalance2,600InventoryCreditDebitCreditBeginningBalance24,000EndingBalance24,000

We need to post the journal entries to the T accounts for the preparation of financial statements.

Answered: Required: 1. & 2. Post the current year…

Business

Accounting

Required: 1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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