Required InformationPA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting theBalance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5][The following information applies to the questions displayed below.]Barnett Allen Interiors Incorporated is a leading manufacturer and retaller of home furnishings in the United States andabroad. The following is adapted from Barnett Allen's June 30, 2019, trial balance. (The amounts shown represent millionsof dollars.)Accounts Payable$ 120Accounts Receivable16.Cash112Common Stock27Equipment305Inventory148Notes Payable (long-term)165Notes Payable (short-term)Prepaid Rent429333Retained Earnings26Salaries, and Wages PayableSoftware65Assume that the following events occurred in the following quarter.a. Pald $45 cash for additional Inventory.b. Issued additional shares of common stock for $35 In cash.c. Purchased equipment for $150; paid $70 in cash and signed a note to pay the remaining $80 In two years.d. Signed a short-term note to borrow $13 cash.e. Conducted negotiations to purchase a sawmill, which is expected to cost $34.PA2-3 (Algo) Part 22. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances witha minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).)AssetsLiabilities+Stockholders'EquityCommonStockCashInventory Equipment =Notes Payable Notes Payable(short-term)(long-term)=a.b.C.de.(45)+++35Next >

Name: Required InformationPA2-3 (Algo) Recording Transactions (in a Journal
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Description: Required InformationPA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting theBalance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5][The following information applies to the questions displayed below.]Barnett A

Point (e) is a not a transaction that is required to be recorded.

Business

Accounting

2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account bala a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) Assets Liabilities + Stockholders' Equity Inventory Equipment Notes Payable (short-term) Notes Payable (long-term) Common Stock C (45) = W + + ++ + 35

2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account bala a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) Assets Liabilities + Stockholders' Equity Inventory Equipment Notes Payable (short-term) Notes Payable (long-term) Common Stock C (45) = W + + ++ + 35

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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