Sony Corporation is a leading international supplier of audio and
Sony Corporation is a leading international supplier of audio and video equipment. The Sony annual report at the end of the 2011 fiscal year included the following balance sheet items (Japanese yen in billions):
Cash ................ ¥1,014
Receivables ............ 744
Prepaid expenses .......... 603
Land ................ 146
Accounts payable, trade ....... 793
Consider the following assumed transactions that occurred immediately subsequent to the balance sheet date (Japanese yen in billions):
a. Collections from customers ........... ¥567
b. Purchase of land for cash ............... 20
c. Purchase of 2-year insurance policy for cash ... 12
d. Disbursements to trade creditors ......... 499
1. Enter the five account balances in T-accounts.
2. Journalize each transaction.
3. Post the journal entries to T-accounts. Key each posting by transaction letter.

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