Problem (38 points) The Gap, Inc. describes itself as: "collection of purpose-led, lifestyle brands offering Gap Inc. Inc. , under the Old Navy, Gap, Banana Republic, and Athleta brands. We also offer an assortment of products for men, women, and children through our Intermix, and Janie and Jack brands. We are an omni-channel retailer, with sales to customers both in stores and online, through Company-operated and franchise stores, Company-owned websites, and third-party arrangements." Below you will see SOME (not all!) of Gap transactions in their most recent fiscal year. Provide the journal entry or entries (accounts and amounts) needed to record each transaction. a) Paid $1,174 million cash for accounts payable due to suppliers. Account Title Debit Credit b) Collected $14,010 million cash from customers related to prior credit sales. Account Title Debit Credit c) Paid $13,788 million cash for current period operating expenses. Account Title Debit Credit d) Purchased $2,451 million worth of inventory on account. Account Title Debit Credit e) Purchased new equipment costing $392 million on account. Account Title Debit Credit f) Had $13,800 million in credit sales to customers. Account Title Debit Credit g) Paid $240 million cash for current period interest expense. Account Title Debit Credit h) Issued $3 million of new common stock. Account Title Debit Credit i) Borrowed $2,250 million cash from a bank by signing a long-term note payable with a bank. Account Title Debit Credit j) Paid $437 million cash for income tax expense for current period. Account Title Debit Credit k) Based on the journal entries you have prepared, calculate Gap's Net Income (Net Loss). SHOW YOUR WORK. Gap's Net Income (Net Loss) = 1) At the beginning of the period, Gap had a Cash balance of $1,364 million. Use this beginning balance and your journal entries to show what Gap's Cash T account would look like for the most recent period and calculate Gap's ending Cash balance. SHOW YOUR WORK. Cash Gap's Ending Cash Balance