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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
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.)
Required information [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 Allen's June 30, 2019, 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 $ 140 20 120 35 325 156 185 4 37 349 30 85 Assume that the following events occurred in the following quarter. a. Paid $20 cash for additional inventory. b. Issued additional shares of common stock for $15 in cash. c. Purchased equipment for $190; paid $90 in cash and signed a note to pay the remaining $100 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 $42. 3. 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).) View transaction list Journal entry worksheet Journal Entry Required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as View transaction list Journal entry worksheet Paid $20 cash f tion. 2 3 4 5 Prepaid Rent Retained Earnings Salaries and Wages Payable Short-term Investments Software Note: Enter debits b Transaction Debit Credit 20 a Record entry Clear entry View general journalStep by Step Solution
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