Question: Procter & Gamble Co. issues bonds worth $70,000,000. Procter & Gamble Co. purchases raw materials on credit for $8,500,000. Procter & Gamble Co. sells consumer

  1. Procter & Gamble Co. issues bonds worth $70,000,000.
  2. Procter & Gamble Co. purchases raw materials on credit for $8,500,000.
  3. Procter & Gamble Co. sells consumer goods for $30,000,000 in cash.
  4. Procter & Gamble Co. pays $4,000,000 for manufacturing expenses.
  5. Procter & Gamble Co. pays $3,500,000 in wages.
  6. Procter & Gamble Co. receives $2,000,000 in cash for services rendered.
  7. Procter & Gamble Co. buys manufacturing equipment for $6,500,000 cash.
  8. Procter & Gamble Co. incurs $1,500,000 in advertising expenses.
  9. Procter & Gamble Co. declares and pays dividends of $3,500,000.
  10. Procter & Gamble Co. records $1,500,000 in depreciation expense.
  1. Record those transactions in a journal.
  2. Prepare a trial balance.
  3. Prepare an income statement for the year ended.
  4. Prepare a balance sheet for the year ended.

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