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