Vegas Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Vegas Allens June 30, 2019, trial balance. (The amounts shown represent millions of dollars.)

Assume that the following events occurred in the following quarter.

1. Paid $40 cash for additional inventory.
2. Issued additional shares of common stock for $20 in cash.
3. Purchased equipment for $220; paid $105 in cash and signed a note to pay the remaining $115 in two years.
4. Signed a short-term note to borrow $10 cash.
5. Conducted negotiations to purchase a sawmill, which is expected to cost $40.

Part 1) Analyze transactions (a)(e) to determine their effects on the accounting equation.

Part 2) Record the transaction effects determined in part 2 using journal entries

Part 3) Summarize the journal entry effects from part 3 using T-accounts. Use the June 30, 2019, ending balances as the beginning balances for the JulySeptember 2019 quarter. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Part 4) Prepare a classified balance sheet at September 30, 2019.

AccountsPayableAccountsReceivableCashCommonStockEquipmentInventoryNotesPayable(long-term)NotesPayable(short-term)PrepaidRentRetainedEarningsSalariesandWagesPayableSoftware$13631142323801782403343934180