lululemon athletica inc. in its first footnote describes itself as: "a designer, lululemon N athletica distributor, and retailer of healthy lifestyle inspired athletic apparel and accessories. We have a vision to be the experiential brand that ignites a community of people through sweat, grow, and connect, which we call living the sweetlife 'Since our inception, we have fostered a distinctive corporate culture; we promote a set of core values in our business which include taking personal responsibility, nurturing entrepreneurial spirit , acting with honesty and courage, valuing connection, and choosing to have fun. These core values attract passionate and motivated employees who are driven to achieve personal and professional goals, and share our purpose 'to elevate the world by unleashing the full potential within every one of us.' The Company operates stores in the United States, Canada, China, Australia, the United Kingdom, Japan, New Zealand, Germany, South Korea, Singapore, France, Malaysia, Sweden, Ireland, the Netherlands, Norway, and Switzerland. lululemon athletica inc.'s fiscal year ends on the Sunday closest to January 31. Use the following information to provide the adjusting journal entry that lululemon should have made on February 2, 2020 which was the end of the fiscal year 2019. Assume that lululemon makes adjusting entries once a year at fiscal year end. a) At the end of fiscal year 2019, lululemon owed employees $134 million related to work completed (but not yet paid) during fiscal year 2019. What adjusting journal entry should lululemon make on February 2, 2020 related to these wages owed to employees? Account Title Debit Credit b) At the end of fiscal year 2019, lululemon calculates that it has $40 million in sales on account that have not yet been received or recorded. What adjusting journal entry should lululemon make on February 2, 2020 related to the sales on account? Account Title Debit Credit c) lululemon receives a utility bill every four weeks for the previous four weeks. On February 15, 2020, lululemon receives a bill of $4 million covering the last three weeks of fiscal year 2019 and the first week of fiscal year 2020. Assuming that utilities are used evenly over the period, what adjusting journal entry should lululemon make on February 2, 2020 related to this future utility bill? Account Title Debit Credit d) lululemon's property and equipment depreciates $162 millio Account Title during fiscal year 2019. Debit Credit e) On May 1, 2019, lululemon paid $300 million for future adverting of its products. The ads will run over the subsequent 12-month period (i.e., May 1, 2019 to April 30, 2020). On May 1, lululemon made the following journal entry: Dr. Prepaid Advertising 300 million Cr. Cash 300 million lululemon did not make any journal entries related to the prepaid advertising after the initial journal entry shown above. What adjusting journal entry should lululemon make on February 2, 2020 related to the prepaid advertising? Account Title Debit Credit f) On February 3, 2019, lululemon had $8 million in Supplies, and they purchased $15 million more in Supplies during fiscal year 2019. A year-end physical count of lululemon's supplies indicates that they have $11 million worth of Supplies remaining as of February 2, 2020. If lululemon did not make journal entries when they used supplies during fiscal year 2019, what adjusting journal entry should lululemon make related to its Supplies on February 2, 2020? Account Title Debit Credit g) On November 1, 2019, lululemon sold $144 million of gift cards to a corporate client. lululemon assumes that these gift cards will be redeemed evenly each month over the next 24 months. On November 1, 2019, lululemon made the following journal entry: Dr. Cash 144 million Cr. Unearned Revenue 144 million Gift cards were redeemed during November, December, and January, but lululemon did not make any journal entries related to the unearned revenue after the initial journal entry shown above. What adjusting journal entry should lululemon make on February 2, 2020 related to the unearned revenue? Account Title Debit Credit For parts h-k, describe, when applicable, the impact on revenues, expenses, net income, assets, liabilities, stockholders' equity, and retained earnings. h) What is the effect on the income statement and the balance sheet if entries a) or c) were omitted? Income Statement: Balance Sheet: i) What is the effect on the income statement and the balance sheet if entry b) was omitted? Income Statement: Balance Sheet: j) What is the effect on the income statement and the balance sheet if entries d), or e) or f) were omitted? Income Statement: Balance Sheet: k) What is the effect on the income statement and the balance sheet if entry g) was omitted? Income Statement: Balance Sheet