Question

Walgreen Company is a well-known drugstore chain. A condensed balance sheet for August 31,
2011, follows ($ in millions):


Use a format similar to Exhibit to analyze the following transactions for the first two days of September ($ amounts are in millions). Then prepare a balance sheet as of September 2.


1. Issued 1,000,000 shares of common stock to employees for cash, $30
2. Issued 1,500,000 shares of common stock for the acquisition of $42 of special equipment from a supplier
3. Borrowed cash, signing a note payable for $13
4. Purchased equipment for cash, $18
5. Purchased inventories on account, $89
6. Disbursed cash on account (to reduce the accounts payable), $35
7. Sold for $2 cash some display equipment at original cost of $2


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  • CreatedFebruary 20, 2015
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