Question

Procter & Gamble has brands such as Tide, Pampers, and Gillette. A partial income statement from its annual report for the fiscal year ending in June 30, 2011, showed the following actual numbers and nomenclature ($ in millions):
Net sales ...................... $82,559
Costs and expenses
Cost of products sold ................. 40,768
Selling, general, and administrative expense ........ 25,973
Interest expense .................... 831
Other income, net .................... (202)
Income taxes .................... 3,392
Total expenses .................... 70,762
Net earnings .................... $11,797
1. Prepare six summary journal entries for the given data. Label your entries a through f. Omit explanations. For simplicity, assume that all transactions (except for cost of products sold) 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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