Accounting Assignment | College Homework Help

For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales, and payments related to inventories in order to determine the amount of cash paid to suppliers. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Paid to Supp General Journal Calculate the amount of cash paid to suppliers for each situation. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Situation Inventory Increase (Decrease) Accounts Payable Increase (Decrease) Cash Paid to Suppliers 1 0 0 1 – 2 3 Cost of Goods Sold 235 235 235 235 235 11.8 7.3 0 7.3 (7.3) 11.8 (11.8) 5 << Cash Paid to Supp General Journal > For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales, and payments related to inventories in order to determine the amount of cash paid to suppliers. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Paid to Supp General Journal Prepare a journal entries that summarizes the purchases, sales, and payments related to inventories in order to determine the amount of cash paid to suppliers. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet 2 3 4 5 Record the entry for situation 1. Note: Enter debits before credits. Event General Journal Debit Credit