f) Paid $10,646 million cash related to accounts payable due to suppliers.g) Received $480 million in cash from customers purchasing gift cards.h) Incurred $76 million in interest expense and paid the entire amount in cash during the current period.i) Paid $713 million cash for advertising. Of the $713 million, $687 million related to ads that ran in the currentperiod and $26 million related to ads that had not yet run at the end of the period (i.e., $26 million was stilltrepaid at the end of the period).j) Incurred $538 million in federal and state income taxes related to the current year's revenues. Of this $538million, $490 million was paid in cash to the relevant taxing agencies by the end of the period and $48million was still owed at the end of the period.k) Paid employees $1,248 million cash in the current period for wages. Of this $1,248 million, $104 millionrelated to prior period employee service and $1,144 million related to current period employee service.

Journal entry: A journal entry records a business transaction in the accounting system for an…

f) Paid $10,646 million cash related to accounts payable due to suppliers. g) Received $480 million in cash from customers purchasing gift cards. h) Incurred $76 million in interest expense and paid the entire amount in cash during the current period. i) Paid $713 million cash for advertising. Of the $713 million, $687 million related to ads that ran in the current period and $26 million related to ads that had not yet run at the end of the period (i.e., $26 million was still +repaid at the end of the period). i) Incurred $538 million in federal and state income taxes related to the current year's revenues. Of this $538 million, $490 million was paid in cash to the relevant taxing agencies by the end of the period and $48 million was still owed at the end of the period. k) Paid employees $1,248 million cash in the current period for wages. Of this $1,248 million, $104 million related to prior period employee service and $1,144 million related to current period employee service.

f) Paid $10,646 million cash related to accounts payable due to suppliers. g) Received $480 million in cash from customers purchasing gift cards. h) Incurred $76 million in interest expense and paid the entire amount in cash during the current period. i) Paid $713 million cash for advertising. Of the $713 million, $687 million related to ads that ran in the current period and $26 million related to ads that had not yet run at the end of the period (i.e., $26 million was still +repaid at the end of the period). i) Incurred $538 million in federal and state income taxes related to the current year's revenues. Of this $538 million, $490 million was paid in cash to the relevant taxing agencies by the end of the period and $48 million was still owed at the end of the period. k) Paid employees $1,248 million cash in the current period for wages. Of this $1,248 million, $104 million related to prior period employee service and $1,144 million related to current period employee service.

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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