Access Walgreens' balance sheet in its 2010 annual report by clicking on the Investor Relations and Annual Report/Proxies links at www.walgreens.com.
Required
a. Identify the dollar change in the following subtotals: total current assets; total non-current assets; total current liabilities; total non-current liabilities; and total shareholders' equity. (For example, total current assets increased S 1,616.)
b. Identify whether the accounting system would debit or credit each subtotal to achieve the change. Treat each subtotal description as if it were an account. (For example, an increase of $1,616 in total current assets would be accomplished with a debit to that account.)
c. Prepare one journal entry that records the changes in all subtotals. Again, use the subtotal descriptions as if they were actual accounts.
d. Does the entry in part c balance? Should it? Explain why or why not.