Refer to the information in E3-33. Prepare journal entries for each transaction.

Q3-33

The GAP is a global clothing retailer for men, women, children, and babies. The following information The Gap, Inc. (GPS) is taken from The Gap's fiscal 2013 annual report.

The Gap purchased inventories totalling $ 8,931 million during fiscal 2013 . Use the financial statement effects template to record cost of goods sold for The Gap's fiscal year ended 2013. (Assume that Accounts Payable is used only for recording purchases of inventories and all inventories are purchased on credit.

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Selected Balance Sheet Data Inventories.. Accounts Payable 2013 $1,758 1,144 2012 $1,615 1,066