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Homework answers / question archive / Consider the three independent situations below (amounts are $ in millions): Required: 1

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

Accounting

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

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1.

Situation Cost of goods sold Inventory increase (decrease) Accounts payable increase (decrease) Cash paid to suppliers
1 $150 $25 $20 $155
2 $150 ($25) $20 $105
3 $150 $25 ($20) $195
4 $150 ($25) ($20) $145

2. Journal entries

Transaction General journal Debit Credit
1. Cost of goods sold $150  
  Inventory $25  
  Accounts payable   $20
  Cash   $155
       
2. Cost of goods sold $150  
  Inventory   $25
  Accounts payable   $20
  Cash   $105
       
3. Cost of goods sold $150  
  Inventory $25  
  Accounts payable $20  
  Cash   $195
       
4. Cost of goods sold $150  
  Accounts payable $20  
  Inventory   $25
  Cash   $145

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