Subject: PA2-3 (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.]Southern Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States andabroad. The following is adapted from Southern Allen's June 30, 2019, trial balance. (The amounts shown representmillions of dollars.)Accounts PayableAccounts ReceivableCashCommon StockEquipmentInventoryNotes Payable (long-term)Notes Payable (short-term)Prepaid RentRetained EarningsSalaries and Wages PayableSoftware$ 11226132223551682152243733655Assume that the following events occurred in the following quarter.a. Paid $50 cash for additional inventory.b. Issued additional shares of common stock for $15 in cash.c. Purchased equipment for $250; paid $120 in cash and signed a note to pay the remaining $130 in two years.d. Signed a short-term note to borrow $11 cash.e. Conducted negotiations to purchase a sawmill, which is expected to cost $30. 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 (i.e., 10,000,000 should be entered as 10).)a.b.C.d.0CashAssetsInventoryEquipmentLiabilitiesNotes Payable(short-term)Notes Payable(long-term)StockholdersEquityCommonStock

S.no Transaction and its effect a Paid $ 50 cash for additional inventory. This transaction would…

Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter7: Payroll

Section: Chapter Questions

Problem 4.9C

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