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Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are...

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Accounting

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Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings Land Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings $ 48,eee 9,000 53,500 9,800 3,950 107,500 150,000 41,000 38, eee 123,000 150,000 111,750 During the year, the company had the following summarized activities: a. Purchased equipment that cost $21,400; paid $6,200 cash and signed a two-year note for the balance. b. Issued an additional 4,100 shares of common stock for $41,000 cash. c. Borrowed $64,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $5,250 cash. Summarize the journal entry effects from part 2 using T-accounts. TIP: Enter the December 31, balances as the month's beginnin balances Cash Accounts Receivable Beg Bal Beg Bal End, Bal End. Inventory Supplies Beg Bal Beg Bar End. Bal Endal Equipment Buildings Beg B [End Bal End Bal Notes Receivable Land Beg. Bal al End. Bal Accounts Payable Notes Payable Bal Beg. Bal. 1. Bal End. Bal. Common Stock Retained Earnings og Bal Beg Bal End, Bal End. Bal

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