Nike is a worldwide leader in the design, marketing, and distribution of athletic and sports-inspired footwear, apparel,

Question:

Nike is a worldwide leader in the design, marketing, and of athletic and sports-inspired footwear, apparel, equipment, and accessories. The company€™s May 31, 2011, included the following ($ in millions):

Suppose that during the fiscal year ended May 31, 2011, $366 million in cash was disbursed and charged to Prepaid Expenses. Similarly, $145 million was disbursed for income taxes and charged to Income Taxes Payable.
1. Assume that the Prepaid Expenses account relates to outlays for miscellaneous operating expenses, for example, supplies, insurance, and short-term rentals. Prepare summary journal entries for
(a) The disbursements,
(b) The expenses for fiscal 2011.
2. Assume that there were no other accounts related to income taxes. Prepare summary journal entries for
(a) The disbursements,
(b) The expenses for fiscal2011.

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