PA2-3 Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet (LO 2-2, LO 2-3, LO 2-4, LO 2-5) (General Ledger) Edward Allen Interiors Inc. is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Edward Allen's September 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Book Accounts Payable Mecounts Receivable Cash Common Stock Equipment Inventory Notes Payable long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings salaries and Wages Payable Software $112 26 132 22 355 168 Print 215 erences 2 24 373 36 55 Assume that the following events occurred in the following quarter. a. Paid $50 cash for additional inventory b. Issued additional shares of common stock for $15 in cash c. Purchased equipment for $250; paid $120 in cash and signed a note to pay the remaining $130 in two years. d. Signed a short-term note to borrow $ 11 cash e. Conducted negotiations to purchase a sawmill, which is expected to cost $30. General General Requirement Ledger Trial Balance Balance Sheet Analysis Journal Current Ratio Prepare the journal entries for transactions (a)-(e). If no entry is required for a transaction/event, select "No journal entry required in the first account field. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter mine in non ha anat e Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis Current Ratio Prepare the journal entries for transactions ()-(e). If no entry is required for a transaction/event, select "No journal entry required" in the first account field. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) View transaction list View journal entry worksheet * No General Journal Date Dec 31 Debit Credit 1 Inventory Cash 50 50 3 2 Dec 31 Cash nces 15 Common Stock 15 3 Dec 31 250 Equipment Notes Payable long-term) Cash 130 120 4 Dec 31 11 Cash Notes Payable (short-term) 11 5 Dec 31 No Journal Entry Required