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Please fill in all parts of the chart for a positive rating Required information PA2-3 Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting
Please fill in all parts of the chart for a positive rating
Required information 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] [The following information applies to the questions displayed below. 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, 2016, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable Accounts Receivable Cash Common Stock Equipment Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable Software $109 10 79 376 273 160 60 24 20 23 45 Assume that the following events occurred in the following quarter a. Paid $30 cash for additional inventory b. Issued additional shares of common stock for $20 in cash c. Purchased equipment for $170; paid $60 in cash and signed a note to pay the remaining $110 in two years d. Signed a short-term note to borrow $10 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $36
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