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Required information [The following information applies to the questions displayed below.] Edward Allen Interiors Inc. is...

Required information

[The following information applies to the questions displayed below.]

Edward Allen Interiors Inc. is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Edward Allen’s September 30, 2016, trial balance. (The amounts shown represent millions of dollars.)

Accounts Payable $ 148
Accounts Receivable 21
Cash 122
Common Stock 37
Equipment 330
Inventory 158
Notes Payable (long-term) 190
Notes Payable (short-term) 1
Prepaid Rent 39
Retained Earnings 353
Salaries and Wages Payable 31
Software 90

Assume that the following events occurred in the following quarter.

  1. Paid $25 cash for additional inventory.
  2. Issued additional shares of common stock for $20 in cash.
  3. Purchased equipment for $200; paid $95 in cash and signed a note to pay the remaining $105 in two years.
  4. Signed a short-term note to borrow $12 cash.
  5. Conducted negotiations to purchase a sawmill, which is expected to cost $44.

4-Summarize the journal entry effects from part 3 using T-accounts. Use the September 30, 2016, ending balances as the beginning balances for the October–December 2016 quarter. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

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