Required InformationPA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting theBalance 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.]Barnett Allen Interiors Incorporated is a leading manufacturer and retaller of home furnishings in the United States andabroad. The following is adapted from Barnett Allen's June 30, 2019, trial balance. (The amounts shown represent millionsof dollars.)Accounts Payable$ 120Accounts Receivable16.Cash112Common Stock27Equipment305Inventory148Notes Payable (long-term)165Notes Payable (short-term)Prepaid Rent429333Retained Earnings26Salaries, and Wages PayableSoftware65Assume that the following events occurred in the following quarter.a. Pald $45 cash for additional Inventory.b. Issued additional shares of common stock for $35 In cash.c. Purchased equipment for $150; paid $70 in cash and signed a note to pay the remaining $80 In two years.d. Signed a short-term note to borrow $13 cash.e. Conducted negotiations to purchase a sawmill, which is expected to cost $34.PA2-3 (Algo) Part 22. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances witha minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).)AssetsLiabilities+Stockholders'EquityCommonStockCashInventory Equipment =Notes Payable Notes Payable(short-term)(long-term)=a.b.C.de.(45)+++35Next >

Name: Required InformationPA2-3 (Algo) Recording Transactions (in a Journal
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Description: Required InformationPA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting theBalance 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.]Barnett A

Point (e) is a not a transaction that is required to be recorded.

Business

Accounting

2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account bala a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) Assets Liabilities + Stockholders' Equity Inventory Equipment Notes Payable (short-term) Notes Payable (long-term) Common Stock C (45) = W + + ++ + 35

2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account bala a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) Assets Liabilities + Stockholders' Equity Inventory Equipment Notes Payable (short-term) Notes Payable (long-term) Common Stock C (45) = W + + ++ + 35

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter3: The General Journal And The General Ledger

Section: Chapter Questions

Problem 4PB: Leanders Landscaping Service maintains the following chart of accounts: The following transactions...

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DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Instructions Journalize the entries to record the transactions of Amsterdam Supply Co.
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Leanders Landscaping Service maintains the following chart of accounts: The following transactions were completed by Leander: Required 1. Journalize the transactions in the general journal. Prepare a brief explanation for each entry. 2. If you are using working papers, write the name of the owner on the Capital and Drawing accounts. 3. Post the journal entries to the general ledger accounts. (Skip this step if you are using CLGL.) 4. Prepare a trial balance dated April 30, 20. If you are using CLGL, use the year 2020 when recording transactions and preparing reports.
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