ok Required information 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 nt nces Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings $ 49,000 5,650 54,500 7,800 6,550 84,500 121,000 39,000 51,000 90,000 150,000 77,000 During the year, the company had the following summarized activities: a. Purchased equipment that cost $29,600; paid $8,800 cash and signed a two-year note for the balance. b. Issued an additional 4,000 shares of common stock for $40,000 cash. c. Borrowed $62,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $7,550 cash. e. Built an addition to the factory buildings for $65,000; paid $22,250 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. 2. Record the transaction effects determined in part 1 using journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field). Journal entry worksheet 1 2 3 4 5 6 Purchased equipment that cost $29,600; paid $8,800 cash and signed a two- year note for the balance. Record the transaction. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 D 3 4 5 6 Issued an additional 4,000 shares of common stock for $40,000 cash. Record! the transaction. Note: Enter debits before credits. Transaction b General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 4 56 Borrowed $62,000 cash from a local bank, payable June 30, in two years. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Purchased supplies for $7,550 cash. Record the transaction. Note: Enter debits before credits. Transaction d General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet > 1 2 3 4 6 Built an addition to the factory buildings for $65,000; paid $22,250 in cash and signed a three-year note for the balance. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. Record the transaction. Note: Enter debits before credits. Transaction f General Journal Debit Credit Record entry Clear entry View general journal