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Required information [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 71 23 126 41 340 162 200 3 18 361 33 40 3 Assume that the following events occurred in the following quarter. a. Paid $35 cash for additional inventory. b. Issued additional shares of common stock for $30 in cash. c. Purchased equipment for $220; paid $105 in cash and signed a note to pay the remaining $115 in two years. d. Signed a short-term note to borrow $14 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $48. 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 Purchased equipment for $220; paid $105 in cash and signed a note to pay the remaining $115 in two years. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal 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 (.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 2 3 4 5 > Signed a short-term note to borrow $14 cash. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit d Record entry Clear entry View general Journal 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 1 2 3 4 5 Conducted negotiations to purchase a sawmill, which is expected to cost $48. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit e Record entry Clear entry View general Journal 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 Issued additional shares of common stock for $30 in cash. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Transaction b Record entry Clear entry View general Journal
