PA$2-3($Algo$)$ Recording Transactions $($in a Journal and T$-$Accounts$)$; Preparing and Interpreting the Balance Sheet $[$LO $2-1,$ LO $2-2,$ LO $2-3,$ LO $2-4,$ LO $2-5]$

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Barnett Allen Interiors Incorporated$$is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Barnett Allen$$s June $30,2019,$ trial balance. $($The amounts shown represent millions of dollars.$)$

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Accounts Payable$ $108$Accounts Receivable$25$Cash$130$Common Stock$20$Equipment$350$Inventory$166$Notes Payable $($long$-$term$)210$Notes Payable $($short$-$term$)1$Prepaid Rent$22$Retained Earnings$369$Salaries and Wages Payable$35$Software$50$

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Assume that the following events occurred in the following quarter.

Paid $$45$ cash for additional inventory.

Issued additional shares of common stock for $$40$ in cash.

Purchased equipment$$for $$240$; paid $$115$ in cash and signed a note to pay the remaining $$125$ in two years.

Signed a short$-$term note to borrow $$10$ cash.

Conducted negotiations to purchase a sawmill, which is expected to cost $$28.$

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PA$2-3($Algo$)$ Part $4$

Summarize the journal entry effects from part $3$ using T$-$accounts. Use the June $30,2019,$ ending balances as the beginning balances for the July$$September $2019$ quarter. $($Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).)$