Review the following excerpt taken from the Walmart consolidated balance sheet as of January 31, 2018. Analyze:

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?

Analyze Online: Locate the website for Walmart (https://corporate.walmart.com/), which provides an online store for consumers as well as corporate information. Within the website, locate the consolidated balance sheet for the current year.
4. What is the balance reported for cash and cash equivalents at January 31 of the current year?
5. What is the balance reported for inventories at January 31 of the current year?

Transcribed Image Text:

Walmart Stores, Inc. Consolidated Balance Sheet January 31, 2018 (Amounts in millions) Property and Equipment: Property and Equipment (net) Property Under Capital Leases: Property Under Capital Leases (net) $107.7 $7.143