P$2-5($Algo$)$ Recording Transactions, Preparing Journal Entries, Posting to T$-$Accounts, Preparing the P$2-5$ Part $1$

Required:

Prepare a journal entry for each transaction.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" In the first account fleld. Enter your answers

In milllions.

Journal entry worksheet

Record the $$18,304$ loan from banks due in two years.

Note: Enter debits before credits.

Balance Sheet, and Evaluating the Current Ratio LO$2-2,2-4,2-5$

$[$The following information applles to the questions displayed below.$]$

Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal

computers, tablets, wearables, and accessorles, and sells a varlety of related services. The following is Orange's

$($simplified$)$ balance sheet from a recent year $($fiscal year ending on the last Saturday of September$).$

Assume that the following transactions $($In millions$)$ occurred during the next fiscal year $($ending on September $26,2020)$:

a$.$ Borrowed $$18,304$ from banks due in two years.

b$.$ Purchased additional Investments for $$24,500$ cash; one$-$fifth were long term and the rest were short term.

c$.$ Purchased property, plant, and equipment; pald $$9,610$ in cash and signed a short$-$term note for $$1,448.$

d$.$ Issued additional shares of common stock for $$1,507$ in cash; total par value was $$1$ and the rest was in excess of par

value.

e$.$ Sold short$-$term Investments costing $$19,045$ for $$19,045$ cash.

f$.$ Declared $$11,163$ in dividends to be pald at the beginning of the next fiscal year.