Required information PA2-3 (Algo) 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.] Trisha's Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Trisha's Allen's June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable $ 140 Accounts Receivable 20 Cash Common Stock 120 35 Equipment 325 Inventory 156 185 Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent 4 37 Retained Earnings 349 Salaries and Wages Payable 30 Software 85 Assume that the following events occurred in the following quarter. a. Paid $20 cash for additional inventory. b. Issued additional shares of common stock for $15 in cash. c. Purchased equipment for $190; paid $90 in cash and signed a note to pay the remaining $100 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 $42. 42-3 (Algo) Part 2 S ‒‒‒ Next Ch
Required information PA2-3 (Algo) 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.] Trisha's Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Trisha's Allen's June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable $ 140 Accounts Receivable 20 Cash Common Stock 120 35 Equipment 325 Inventory 156 185 Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent 4 37 Retained Earnings 349 Salaries and Wages Payable 30 Software 85 Assume that the following events occurred in the following quarter. a. Paid $20 cash for additional inventory. b. Issued additional shares of common stock for $15 in cash. c. Purchased equipment for $190; paid $90 in cash and signed a note to pay the remaining $100 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 $42. 42-3 (Algo) Part 2 S ‒‒‒ Next Ch
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter4: Posting To A General Ledger
Section4.3: Posting Column Totals From A Journal To A General Ledger
Problem 1WT
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Part 1: 3. Record the transaction effects determined in part 2 using journal entries(If no entry is required for a transaction/event, select "No Journal Entry Required" the first account field. Enter your answers in millions (10,000,000 should be entered as 10))
Part 2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign. Enter your answers in millions (1,0,10,000,000 should be entered as 10).)
Part 3 Calculate Trisha's Allen's current ratio at June 30, 2019 prior to the transactions listed above. (Round your answer to 2 decimal places.)
Part 4 4. Summarize the journal entry effects from part 3 using T-accounts. Use the June 30, 2019 ending balances as the beginning balances for the July-September 2019 quarter. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10))
Part 5 Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10)
![2 Homework
Question 3 - Chapter 2 Homework - Connect
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Required information
PA2-3 (Algo) 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.]
Trisha's Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and
abroad. The following is adapted from Trisha's Allen's June 30, 2019, trial balance. (The amounts shown represent millions
of dollars.)
Accounts Payable
$ 140
Accounts Receivable
20
Cash
120
Common Stock
35
Equipment
325
Inventory
156
185
Notes Payable (long-term)
Notes Payable (short-term)
4
Prepaid Rent
37
Retained Earnings
349
30
Salaries and Wages Payable
Software
85
Assume that the following events occurred in the following quarter.
a. Paid $20 cash for additional inventory.
b. Issued additional shares of common stock for $15 in cash.
c. Purchased equipment for $190; paid $90 in cash and signed a note to pay the remaining $100 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 $42.
PA2-3 (Algo) Part 2
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Transcribed Image Text:2 Homework
Question 3 - Chapter 2 Homework - Connect
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Required information
PA2-3 (Algo) 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.]
Trisha's Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and
abroad. The following is adapted from Trisha's Allen's June 30, 2019, trial balance. (The amounts shown represent millions
of dollars.)
Accounts Payable
$ 140
Accounts Receivable
20
Cash
120
Common Stock
35
Equipment
325
Inventory
156
185
Notes Payable (long-term)
Notes Payable (short-term)
4
Prepaid Rent
37
Retained Earnings
349
30
Salaries and Wages Payable
Software
85
Assume that the following events occurred in the following quarter.
a. Paid $20 cash for additional inventory.
b. Issued additional shares of common stock for $15 in cash.
c. Purchased equipment for $190; paid $90 in cash and signed a note to pay the remaining $100 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 $42.
PA2-3 (Algo) Part 2
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8 of 8
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HI
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