does not indicate comp Required information P2-5 (Algo) Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing the Balance Sheet, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 [The following information applies to the questions displayed below.) Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services. The following is Orange's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). ORANGE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (dollars in millions) ASSETS Current assets: Cash Short-term investments Accounts receivable Inventories $14,124 11,457 17,804 2,147 Other current assets 24,287 Total current assets 69,819 Long-term investments 132,610 Property, plant, and equipment, net 21,012 Other noncurrent assets 12,762 Total assets $236,203 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable. $30,768 Accrued expenses 18,805 Unearned revenue 8,659 ORANGE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (dollars in millions) ASSETS Current assets: Cash Short-term investments Accounts receivable Inventories $14,124 11,457 17,804 2,147 Other current assets 24,287 Total current assets 69,819 Long-term investments 132,610 Property, plant, and equipment, net 21,012 Other noncurrent assets 12,762 Total assets $236,203 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,768 Accrued expenses 18,805 Unearned revenue Short-term debt 8,659 6,428 Total current liabilities 64,660 Long-term debt Other noncurrent liabilities Total liabilities Stockholders' equity: Common stock ($0.00001 par value) Additional paid-in capital Retained earnings Total stockholders' equity 29,543 28,385 122,588 1 26,112 87,502 113,615 Total liabilities and shareholders' equity $236,203 Total assets $236,203 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,768 Accrued expenses 18,805 8,659 6,428 64,660 29,543 28,385 Unearned revenue Short-term debt Total current liabilities Long term debt i Other noncurrent liabilities Total liabilities. Stockholders' equity: Common stock ($0.00001 par value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity 122,588 1 26,112 87,582 113,615 $236,203 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020) a. Borrowed $18,317 from banks due in two years. b. Purchased additional investments for $25,700 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,623 in cash and signed a short-term note for $1,460. d. Issued additional shares of common stock for $1,520 in cash; total par value was $1 and the rest was in excess of p value. e. Sold short-term investments costing $19,058 for $19,058 cash. 1. Declared $11,177 in dividends to be paid at the beginning of the next fiscal year. Required: 2. Post each transaction to the appropriate T-accounts. Note: Enter your answers in millions. Debit Beginning 14,124 Balance (a) (d) (e) Ending Balance 14,124 Cash Credit Accounts Receivable Debit Beginning Balance 17,804 Answer is not complete. Short-term investments Debit Credit Beginning Balance 11,457 (b) 11,457 Ending Balance Inventories Credit Credit Debit Beginning Balance 2,147 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not ins Required information Ending Balance 14,124 Inventories Credit Accounts Receivable Debit Credit Debit Beginning 17,804 Balance Beginning Balance 2,147 Ending Balance 17,804 Other Current Assets Debit Beginning Balance 24,287 Ending Balance Debit Beginning Balance 24,287 Property, Plant, and Equipment 21,012 Ending Balance 2,147 Long-term Investments Credit Debit Credit Beginning Balance 132,610 Ending Balance 132,610 Other Noncurrent Assets Credit Debit Credit Beginning Balance 12,762 Required information Ending Balance Beginning Balance Debit 24,287 Property, Plant, and Equipment 21,012 Ending Balance 132,610 Other Noncurrent Assets Credit Debit Credit Beginning Balance 12,762 Ending Balance 21,012 Ending Balance 12,762 Accounts Payable Accrued Expenses Debit Credit Debit Credit Beginning Balance 30,768 Beginning Balance 18,805 Ending Balance Debit Beginning Balance 30,768 Unearned Revenue Ending Balance 18,805 Short-term Debt Credit Debit Credit 8,659 Beginning Balance 6,428 Required information Ending Balance 30,768 Ending Balance 18,805 Unearned Revenue Short-term Debt Debit Credit Debit Credit Beginning 8,659 Balance Beginning Balance 6,428 Ending Balance Debit eginning Balance nding Balance 8,659 Dividends Payable Credit Ending Balance Beginning Balance Debit 6,428 Long-term Debt Credit 29,543 Ending Balance 29,543 Required information Ending Balance Other Noncurrent Liabilities Debit Credit Beginning Balance 28,385 Ending Balance Debit Beginning Balance 28,385 Additional Paid-in Capital Credit 26,112 Ending Balance 29,543 Beginning Balance Debit Common Stock Ending Balance Beginning Balance Debit Retained Earnings Credit Credit 87,502 Ending Balance 26,112 Ending Balance 87,502