Question: Lowe s Companies Inc operates more than 1 700 home improvement retail

Lowe’s Companies, Inc., operates more than 1,700 home improvement retail stores in 50 states and Canada. A condensed income statement from its annual report for the nine months ending October 28, 2011, showed the following actual numbers and nomenclature ($ in millions):

1. Prepare four summary journal entries for the given data. Label your entries a through d. Omit explanations. For simplicity, assume that all transactions except for cost of sales were for cash.
2. Post to T-accounts in a ledger for all affected accounts. Key your postings by transaction letter.

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  • CreatedFebruary 20, 2015
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