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Below you will see SOME (not all!) of Macy's transactions in their most recent fiscal year. Provide the journal entry or entries (accounts and amounts)
Below you will see SOME (not all!) of Macy's transactions in their most recent fiscal year. Provide the journal entry or entries (accounts and amounts) needed to record each transaction. a) Purchased $1,920 million worth of inventory on account. Account Titles Debit Credit b) Paid $1,469 million cash for accounts payable due to suppliers. Account Titles Debit Credit c) Purchased new equipment for $935 million by signing a note payable. Account Titles Debit Credit d) Paid $186 million cash for income tax expense for the year. Account Titles Debit Credit e) Issued additional stock for $29 million cash at par. Account Titles Debit Credit f) Collected $16,593 million cash from customers related to prior credit sales. Account Titles Debit Credit g) Paid $11,562 million cash for current-period operating expenses. Account Titles Debit Credit h) Declared and paid cash dividends of $229 million. Account Titles Debit Credit i) Paid $3,280 million cash for current-period wages and salaries. Account Titles Debit Credit j) Had $15,524 million in sales to customers. Assume that all sales were credit sales. Account Titles Debit Credit k) Based on the journal entries you've prepared, calculate Macy's Net Income. SHOW YOUR WORK. Macy's Net Income 1) At the beginning of the period, Macy had a Cash balance of $957 million. Use this beginning balance and your journal entries to show what Macy's Cash T account would look like for the most recent period and calculate Macy's ending Cash balance. SHOW YOUR WORK. Cash Macy's Ending Cash Balance
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