Review the following excerpt taken from the Walmart consolidated balance sheet as of January 31, 2016 Walmart Stores, Inc Consolidated Balance Sheet January 31, 2016 (Amounts in millions) Property and Equipment Property and Equipment (net) $110,171 Property Under Capital Leases Property Under Capit...

1 Debit the Property and Equipment a ...

Review the following excerpt taken from the Walmart consolidated balance sheet as of January 31, 2016. Walmart

Question:

Review the following excerpt taken from the Walmart consolidated as of January 31, 2016.
Walmart Stores, Inc.
Consolidated 31, 2016
(Amounts in millions)
Property and Equipment:
Property and Equipment (net)......................................$110,171
Property Under Capital Leases:
Property Under Capital Leases (net) ................................$ 6,345
1. When the accountant for Walmart records a purchase of property and equipment, what type of account is debited? If Walmart purchases equipment on credit, what account might be credited?
2. What type of source document might be reflected in the journal entry to record the purchase of equipment?
3. If the accounting manager reviewed the Equipment account in the general ledger, what types of information might be listed there?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...