Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Full options for journal entry are: No journal entry required Accounts payable Accounts receivable Additional paid-in capital Buildings Cash Common stock Dividends payable Equipment Intangible

Full options for journal entry are:

No journal entry required

Accounts payable

Accounts receivable

Additional paid-in capital

Buildings

Cash

Common stock

Dividends payable

Equipment

Intangible

Inventories

Land

Long-term investments

Notes payable

Notes receivable

Other current assets

Other non current assets

Retained earnings

Short-term investments

Store fixtures

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Victoria, Inc., is one of the world's leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The amounts are rounded to millions, except for par value. a Purchased additional buildings for $168 and equipment for $280; paid $402 in cash and signed a long-term note for the rest b. Issued 110 shares of $2 par value common stock for $345 cash. c Declared $140 in dividends to be paid in the following year, d. Purchased additional short-term investments for $7,816 cash. e Several Victoria, Inc., Investors sold their own stock to other investors on the stock exchange for $88. 1. Sold $4,213 in short-term investments for $4.213 in cash. Required: Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) View transaction lat Journal entry worksheet 2 3 4 5 6 Record the purchase of additional buildings for $168 and equipment for $280 paid with $402 cash and a long-term note for the rest. Note: Enter debits before credits. General Journal Debit Credit Transaction a in the first account field. Enter your answers in millions.) View transaction list Journal entry worksheet Record the issue of 110 shares of $2 par value common stock for $345 cash. Note: Enter debits before credits. General Journal Debit Credit Transaction b. View transaction list Journal entry worksheet 23 4 5 6 > Record the declaration of $140 in dividends to be paid in the following year. Note: Enter debits before credits. Transaction General Journal Debit Credit C View transaction list Journal entry worksheet Record the sale of Victoria, Inc., stock owned by investors to other investors on the stock exchange for $88. Note: Enter debits before credits. Transaction General Journal Debit Credit es View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Fraud, Maneuvering And Manipulation, Past And Present

Authors: Gary Giroux

2nd Edition

1947098748, 9781947098749

More Books

Students also viewed these Accounting questions

Question

Differentiate the function. r(z) = 2-8 - 21/2 r'(z) =

Answered: 1 week ago

Question

=+1. Is it OK for a firm to profit from poverty?

Answered: 1 week ago