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Your choice will determine the reported values on the financial statement tabs. Prepare journal entries for the transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first acco \begin{tabular}{|l|l|} \hline & Purchased short-term investments for $8,700 cash. \\ \hline 2 & Lent $6,300 to a supplier, who signed a two-year note. \\ \hline 3Leasedequipmentthatcost$25,000;paid$4,300cashandsignedafive-yearright-of-useleaseforthebalance. \\ \hline 4Hiredanewpresidentattheendoftheyear.Thecontractwasfor$84,000peryearplusoptionstopurchasecompanystockatasetpricebasedoncompanyperformance.ThenewpresidentbeginsherpositiononJanuary1ofnextyear. \\ \hline Issuedanadditional1,800sharesof$0.50parvaluecommonstockfor$17,000cash. \end{tabular} Prepare journal entries for the transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. January 1 of next year. 5 Issued an additional 1,800 shares of $0.50 par value common stock for $17,000 cash. efund of 6 Borrowed $15,000 cash from a local bank, payable in three months. 7 Purchased a patent (an intangible asset) for $1,100 cash. Credit 8 Built an addition to the factory for $26,000; paid $7,700 in cash and signed a three-year note for the balance. 9 Returned defective equipment to the manufacturer, receiving a cash refund of $1,700. Note : = journal entry has been entered \begin{tabular}{|l|r|} \hline \multicolumn{1}{|c|}{ Stockholders' Equity } & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total liabilities and stockholders' equity & $ \\ \hline \end{tabular} Trial Balance Analysis Prepare journal entries for the transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first acco \begin{tabular}{|l|l|} \hline & Purchased short-term investments for $8,700 cash. \\ \hline 2 & Lent $6,300 to a supplier, who signed a two-year note. \\ \hline 3Leasedequipmentthatcost$25,000;paid$4,300cashandsignedafive-yearright-of-useleaseforthebalance. \\ \hline 4Hiredanewpresidentattheendoftheyear.Thecontractwasfor$84,000peryearplusoptionstopurchasecompanystockatasetpricebasedoncompanyperformance.ThenewpresidentbeginsherpositiononJanuary1ofnextyear. \\ \hline Issuedanadditional1,800sharesof$0.50parvaluecommonstockfor$17,000cash. \end{tabular} P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 (GL) Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,700 cash. b. Lent $6,300 to a supplier, who signed a two-year note. c. Leased equipment that cost $25,000; paid $4,300 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 $84,000 per year plus options to purchase company stock a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 1,800 shares of $0.50 par value common stock for $17,000 cash. f. Borrowed $15,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,100 cash. h. Built an addition to the factory for $26,000; paid $7,700 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,700. General Journal tab - Prepare journal entries to record the transactions listed in (a) through (i). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the General Ledger. Trial Balance tab - Amounts flow from the General Ledger. Balance Sheet tab - Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. Analysis tab - Compute the current ratio for the current year. During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,700 cash. b. Lent $6,300 to a supplier, who signed a two-year note. c. Leased equipment that cost $25,000; paid $4,300 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 $84,000 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. e. Issued an additional 1,800 shares of $0.50 par value common stock for $17,000 cash. f. Borrowed $15,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,100 cash. h. Built an addition to the factory for $26,000; paid $7,700 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,700. Compute the current ratio for the current year. Note: Round your answer to 2 decimal places. Your choice will determine the reported values on the financial statement tabs. h. Built an addition to the factory for $26,000; paid $7,700 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,700. Each journal entry is posted automatically to the general ledger. Prepare journal entries for the transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. January 1 of next year. 5 Issued an additional 1,800 shares of $0.50 par value common stock for $17,000 cash. efund of 6 Borrowed $15,000 cash from a local bank, payable in three months. 7 Purchased a patent (an intangible asset) for $1,100 cash. Credit 8 Built an addition to the factory for $26,000; paid $7,700 in cash and signed a three-year note for the balance. 9 Returned defective equipment to the manufacturer, receiving a cash refund of $1,700. Note : = journal entry has been entered \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Notes payable (noncurrent) } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 45,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Long-term lease liabilities } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 66,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \multicolumn{5}{|c|}{ Common stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 10,200 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \multicolumn{5}{|c|}{ Additional paid-in capital } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 91,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 110,000 \\ \hline \end{tabular}