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P 2 - 5 ( Algo ) Recording Transactions, Preparing Journal Entries, Posting to T - Accounts, Preparing the P 2 - 5 Part 1
PAlgo Recording Transactions, Preparing Journal Entries, Posting to TAccounts, Preparing the P Part
Required:
Prepare a journal entry for each transaction.
Note: If no entry is required for a transactionevent select No journal entry required" In the first account fleld. Enter your answers
In milllions.
Journal entry worksheet
Record the $ loan from banks due in two years.
Note: Enter debits before credits.
Balance Sheet, and Evaluating the Current Ratio LO
The following information applles to the questions displayed below.
Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal
computers, tablets, wearables, and accessorles, and sells a varlety of related services. The following is Orange's
simplified balance sheet from a recent year fiscal year ending on the last Saturday of September
Assume that the following transactions In millions occurred during the next fiscal year ending on September :
a Borrowed $ from banks due in two years.
b Purchased additional Investments for $ cash; onefifth were long term and the rest were short term.
c Purchased property, plant, and equipment; pald $ in cash and signed a shortterm note for $
d Issued additional shares of common stock for $ in cash; total par value was $ and the rest was in excess of par
value.
e Sold shortterm Investments costing $ for $ cash.
f Declared $ in dividends to be pald at the beginning of the next fiscal year.
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