mikes shop and its subsidiaries operate membership warehouses based on the concept that offering members low prices on a limited selection of nationally branded and private label products in a wide range of merchandise categories will produce high sales volumes and rapid inventory turnover At August 30, 2022, mikes operated 838 warehouses worldwide 578 in the United States located in 46 states, Washington, D C , and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the U K , 17 in Korea, 14 in Taiwan, 12 in Australia, 4 in Spain, 2 each in France and China, and 1 in Iceland The Company operates e commerce websites in the U S , Canada, Mexico, U K , Korea, Taiwan, Japan, and Australia Below you will see SOME (not all ) of mikes transactions in their most recent fiscal year Provide the journal entry (accounts and amounts) needed to record each transaction I completed the first journal entry for you to give you a sense of how your entries should look Had $221 5 billion in credit sales and $1 2 billion cash sales to customers The products that were sold had a cost of $199 4 billion Dr Accounts Receivable 221 5 billion Dr Cash 1 2 billion Cr Sales 222 7 billion Dr Cost of Goods Sold 199 4 billion Cr Inventory 199 4 billion Collected $221 1 billion cash from customers related to prior credit sales Paid the bank $800 0 billion in cash Of this $800 0 billion, $799 8 billion related to repayment of principal owed to the bank and the remaining $0 2 billion related to interest expense incurred during the current period Purchased $203 1 billion worth of inventory on account Declared and paid cash dividends of $1 5 billion Received $4 2 billion cash from customers for membership fees Of this $4 2 billion, $3 9 billion related to current year membership and the remaining $0 3 billion related to next years membership Purchased new manufacturing equipment costing $3 9 billion on account Paid $205 4 billion cash related to accounts payable due to suppliers Paid $1 1 billion cash to purchase short term investments Paid employees $5 6 billion cash in the current period for salaries and wages Of this $5 6 billion, $0 6 billion related to prior period employee service and the remaining $5 0 billion related to current period employee service Paid $0 9 billion cash to rent warehouse and store facilities Of this $0 9 billion, $0 6 billion was for the right to use the facilities in the current period and the remaining $0 3 billion was for the right to use the spaces in a future period

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mikes shop and its subsidiaries operate membership warehouses based on the concept that offering members low prices on a limited selection of nationally-branded and private-label

mikes shop and its subsidiaries operate membership warehouses based on the concept that offering members low prices on a limited selection of nationally-branded and private-label products in a wide range of merchandise categories will produce high sales volumes and rapid inventory turnover. At August 30, 2022, mikes operated 838 warehouses worldwide: 578 in the United States located in 46 states, Washington, D.C., and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the U.K., 17 in Korea, 14 in Taiwan, 12 in Australia, 4 in Spain, 2 each in France and China, and 1 in Iceland. The Company operates e-commerce websites in the U.S., Canada, Mexico, U.K., Korea, Taiwan, Japan, and Australia.

Below you will see SOME (not all!) of mikes transactions in their most recent fiscal year. Provide the journal entry (accounts and amounts) needed to record each transaction. I completed the first journal entry for you to give you a sense of how your entries should look.

Had $221.5 billion in credit sales and $1.2 billion cash sales to customers. The products that were sold had a cost of $199.4 billion.

Dr. Accounts Receivable	221.5 billion
Dr. Cash	1.2 billion
Cr. Sales		222.7 billion
Dr. Cost of Goods Sold	199.4 billion
Cr. Inventory		199.4 billion

Collected $221.1 billion cash from customers related to prior credit sales.

Paid the bank $800.0 billion in cash. Of this $800.0 billion, $799.8 billion related to repayment of principal owed to the bank and the remaining $0.2 billion related to interest expense incurred during the current period.

Purchased $203.1 billion worth of inventory on account.

Declared and paid cash dividends of $1.5 billion.

Received $4.2 billion cash from customers for membership fees. Of this $4.2 billion, $3.9 billion related to current year membership and the remaining $0.3 billion related to next years membership.

Purchased new manufacturing equipment costing $3.9 billion on account.

Paid $205.4 billion cash related to accounts payable due to suppliers.

Paid $1.1 billion cash to purchase short-term investments.

Paid employees $5.6 billion cash in the current period for salaries and wages. Of this $5.6 billion, $0.6 billion related to prior period employee service and the remaining $5.0 billion related to current period employee service.

Paid $0.9 billion cash to rent warehouse and store facilities.Of this $0.9 billion, $0.6 billion was for the right to use the facilities in the current period and the remaining $0.3 billion was for the right to use the spaces in a future period.