The following is a sample of transactions for a company which occured in a recent year...

 

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The following is a sample of transactions for a company which occured in a recent year (dollars are in millions). a. Purchased buildings costing $426 and equipment costing $198 for cash. b. Borrowed $119 from a bank, signing a short-term note. c. Provided $56,471 in service to customers during the year, with $29,258 on account and the rest received in cash. d. Paid $130,974 cash on accounts payable. e. Purchased $43,583 of inventory on account. Required: For each of the transactions, prepare journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) The following is a sample of transactions for a company which occured in a recent year (dollars are in millions). a. Purchased buildings costing $426 and equipment costing $198 for cash. b. Borrowed $119 from a bank, signing a short-term note. c. Provided $56,471 in service to customers during the year, with $29,258 on account and the rest received in cash. d. Paid $130,974 cash on accounts payable. e. Purchased $43,583 of inventory on account. Required: For each of the transactions, prepare journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.)

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For the given transactions the journal entries are ... View the full answer