None For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales, and payments relatedto inventories in order to determine the amount of cash paid to suppliers. All dollars are in millions.Complete this question by entering your answers In the tabs below.Cash Paid toSuppGeneralJournalCalculate the amount of cash paid to suppliers for each situation.Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10).Cost of GoodsSituationSoldInventory Increase(Decrease)Accounts PayableIncrease (Decrease)Cash Paid toSuppliers120000220060320001442006145200(6)(14)Cash Pad to SungGeneral Journal >

Step 1:Computation of the amount of cash paid to the suppliers:SituationCost of goods soldInventory…

Answered: For each of the five independent…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 3CE

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For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Recd from Cust Determine the amount of cash received from the customers. Note: Enter your answers in millions (.e., 10,000,000 should be entered as 10). Situation 1 2 General Journal 3 Sales Revenue 160 160 160 Accounts Receivable Cash Received from Increase (Decrease) Customers 0 21 (21) Cash Recd from Cust General Journal >
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