Reference no: EM13481157

Create T accounts for each of the 13 accounts in the general ledger. Put in their beginning balances given above on the correct debit or credit side of the account. C. Post the effects of the transactions for 2012 to the affected accounts' T accounts created in (B), and then get the new total ending balance for each account. Cash......$154,800 Notes Payable-short term. $125,000 Accounts receivable.. 262,600 Accounts payable.....232,600 Inventory .....292,200 Other current liabilities... 203,900 Other current assets.. 21,600 Long-term payable ...350,000 Equipment.....350,800 Contributed Capital ...... 243,700 Building........140,100 Retained Earnings ....... 120,900 Land ...... 54,000 During the year 2012, the company had the following activities: a. Acquired additional equipment at a cost of $22,000. They issued a promissory note that becomes payable in five years. b. Collected $48,000 from a customer related to a previous sale. c. Paid $125,000 to retire a short-term note payable at maturity. d. Issued additional shares of company stock, receiving cash of $60,000 and a building valued at $15,000. e. Purchased additional inventory of $18,000 on account. f. Sold 2 acres of land that was no longer needed receiving $10,000 cash and "other current assets" valued at $17,000. This total was the original cost of the Land. g. Returned $5,000 of the inventory bought in entry (e). h. Completed negotiations to purchase additional land in 2013. The purchase price is expected to be $28,000.