Please answer all and show work, if possible.

Required information CP2-3 (Static) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are 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. 1. Analyze transactions (a)-(f) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Journal entry worksheet 6 Purchased equipment that cost $21,000; paid $5,000 cash and signed a twoyear note for the balance. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 4 56 Issued an additional 2,000 shares of common stock for $20,000 cash. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 6 Borrowed $50,000 cash from a local bank, payable June 30 , in two years. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 1 Purchased supplies for $4,000 cash. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Built an addition to the factory buildings for $41,000; paid $12,000 in cash and signed a three-year note for the balance. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 1 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. 3. Summarize the journal entry effects from part 2 using T-accounts. TIP: Enter the December 31 , balances as the month's beginning balances. 5. Prepare a classified balance sheet at December 31. Required information CP2-3 (Static) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are 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. 1. Analyze transactions (a)-(f) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Journal entry worksheet 6 Purchased equipment that cost $21,000; paid $5,000 cash and signed a twoyear note for the balance. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 4 56 Issued an additional 2,000 shares of common stock for $20,000 cash. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 6 Borrowed $50,000 cash from a local bank, payable June 30 , in two years. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 1 Purchased supplies for $4,000 cash. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Built an addition to the factory buildings for $41,000; paid $12,000 in cash and signed a three-year note for the balance. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 1 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. 3. Summarize the journal entry effects from part 2 using T-accounts. TIP: Enter the December 31 , balances as the month's beginning balances. 5. Prepare a classified balance sheet at December 31