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Required information Skip to question [The following information applies to the questions displayed below.] Trisha's Allen Interiors Incorporated is a leading manufacturer and retailer of
Required information Skip to question [The following information applies to the questions displayed below.] Trisha's Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Trisha's Allens June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable $ 140 Accounts Receivable 20 Cash 120 Common Stock 35 Equipment 325 Inventory 156 Notes Payable (long-term) 185 Notes Payable (short-term) 4 Prepaid Rent 37 Retained Earnings 349 Salaries and Wages Payable 30 Software 85 Assume that the following events occurred in the following quarter. Paid $20 cash for additional inventory. Issued additional shares of common stock for $15 in cash. Purchased equipment for $190; paid $90 in cash and signed a note to pay the remaining $100 in two years. Signed a short-term note to borrow $11 cash. Conducted negotiations to purchase a sawmill, which is expected to cost $42. Record the transaction effects determined in part 2 using journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
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