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.