P2 3 Recording Transactions in T Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2 2, 2 4, 2 5
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P2-3 Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Purchased short-term investments for 10,000 cash. Lent 5,000 to a supplier who signed a two-year note. Purchased equipment that cost 18,000; paid 5,000 cash and signed a one-year note for the balance. Hired a new president at the end of the year. The contract was for 85,000 per year plus options to purchase company stock at a set price based on company performance. Record each necessary entry for the events in 2015 in T-accounts (including referencing) and determine the ending balances. The balances at the end...
