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Consider the three independent situations below (amounts are $ in millions): Required: 1

Accounting

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Consider the three independent situations below (amounts are $ in millions):

Required:
1. Calculate cash paid to suppliers. (Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).)

2. Prepare the summary journal entry for each situation. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).)

Situation Cost of Goods Sold Inventory Increase (Decrease) Accounts Payable Increase (Decrease ) Cash Paid to Suppliers 1. 150 25 20 2. 150 20 (25) 25 3. 150 (20) (20) 4. 150 (25)
Journal entry worksheet