The following is a list of summarized transactions that occured for ABC company in 2019 (dollars are in millions). a. Purchased buildings costing $448 and equipment costing $238 for cash. b. Borrowed $99 from a bank, signing a short-term note. c. Provided $52,971 in service to customers during the year, with $29,758 on account and the rest received in cash. d. Paid $135,774 cash on accounts payable. e. Purchased $34,583 of inventory on account. Required: For each of the transactions, prepare 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.)

The following is a list of summarized transactions that occured for ABC company in 2019 (dollars are in millions). a. Purchased buildings costing $448 and equipment costing $238 for cash. b. Borrowed $99 from a bank, signing a short-term note. c. Provided $52,971 in service to customers during the year, with $29,758 on account and the rest received in cash. d. Paid $135,774 cash on accounts payable. e. Purchased $34,583 of inventory on account. Required: For each of the transactions, prepare 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.)

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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