Longterm investm ents shortterm investm ents d cash

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Unformatted text preview: d: 0.10 out of 0.10 points P2-5 Part 1 Required: 1. Prepare a journal entry for eac h trans ac tion. (Enter your answers in m illions. Om it the "$" sign in your response.) a. b. General J ournal Cash Long­term liabilities Receivables and other assets Cash Debit 50 Credit c. Long­term investm ents Short­term investm ents d. Cash Property, plant, and equipm ent Cash Long­term liabilities e. f. g. Cash Contributed capital Cash Short­term investm ents Retained earnings Cash 200 2,460 9,840 2,195 260 9,200 47 50 200 12,300 865 1,330 260 9,200 47 Worksheet Learning Objective: 02­02 Identify what constitutes a business transaction and recognize common balance sheet account titles used in business. Learning Objective: 02­05 Prepare a simple classified balance sheet and analyze the company using the current ratio. P2­5 Part 1 Learning Objective: 02­04 Determine the impact of business transactions on the balance sheet using two basic tools, journal entries and T­accounts. P2-5 Part 1 Required: 1. Prepare a journal entry for eac h trans ac tion. (Enter your answers in m illions. Om it the "$" sign in your response.) a. b. c. General J ournal Cas h Long­term liabilities Rec eiv ables and other as s ets Cas h Long­term inv es tments Short­term inv es tments Cas h Debit 50 ± 0% 200 ± 0% 2,460 ± 0% 9,840 ± 0% Credit 50 ± 0% 200 ± 0% 12,300 ± 0% 2,195 ± 0% d. Property , plant, and equipment e. Cas h Long­term liabilities Cas h 260 ± 0% Contributed c apital 865 ± 0% 1,330 ± 0% 260 ± 0% f. Cas h g. Short­term inv es tments Retained earnings Cas h 9,200 ± 0% 47 ± 0% 9,200 ± 0% 47 ± 0% 3. awar d: 0.10 out of 0.10 points P2-5 Part 2 2. Create T­ac c ounts for eac h balanc e s heet ac c ount and inc lude the J anuary 30, 2009, balanc es . Pos t eac h journal entry to the appropriate T­ac c ounts . (Enter your answers in m illions. Record the transactions in the given order. Om it the "$" sign in your response.) Cas h Beg. a. e. f. 8,432 50 260 9,200 4,530 200 12,300 865 47 b. c. d. g. Short­Term Inv es tments Beg. c. 800 9,840 1,440 9,200 f. Rec eiv ables and Other As s ets Beg. b. 6,543 200 6,743 Inv entories Beg. 872 872 Other Current As s ets Beg. 3,769 3,769 Property , Plant, and Equipment Beg. d. 2,287 2,195 4,482 Long­Term Inv es tments Beg. c. 464 2,460 2,924 Other Nonc urrent As s ets Beg. 3,678 3,678 Ac c ounts Pay able 8,269 Beg. 8,269 Other s hort­term Obligations 6,620 Beg. 6,620 Long­Term Liabilities 7,450 50 1,330 Beg. a. d. 8,830 Contributed Capital 11,219 260 11,479 Beg. e. Other Stoc k holders ' Equity Items Beg. 27,754 27,754 Retained Earnings g. 47 21,041 Beg. 20,994 Worksheet Learning Objective: 02­02 Identify what constitutes a business transaction and recognize common balance sheet account titles used in business. Learning Objective: 02­05 Prepare a simple classified balance sheet and analyze the company using the current ratio. P2­5 Part 2 Learning Objective: 02­04 Determine the impact of business transactions on the balance sheet using two basic too...
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This homework help was uploaded on 02/23/2014 for the course BUSE 30000 taught by Professor N/a during the Winter '12 term at UChicago.

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