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Below you will see SOME (not all!) of Gap transactions in their most recent fiscal year. Provide the journal entry or entries (accounts and amounts) needed to record each transaction.

1. Paid $1,174 million cash for accounts payable due to suppliers.

Account Title	Debit	Credit
Accounts Payable	1174

2. Collected $14,010 million cash from customers related to prior credit sales.

Account Title	Debit	Credit

3. Paid $13,788 million cash for current period operating expenses.

Account Title	Debit	Credit

4. Purchased $2,451 million worth of inventory on account.

Account Title	Debit	Credit

5. Purchased new equipment costing $392 million on account.

Account Title	Debit	Credit

6. Had $13,800 million in credit sales to customers.

Account Title	Debit	Credit

7. Paid $240 million cash for current period interest expense.

Account Title	Debit	Credit

8. Issued $3 million of new common stock.

Account Title	Debit	Credit

1. Borrowed $2,250 million cash from a bank by signing a long-term note payable with a bank.

Account Title	Debit	Credit

10. Paid $437 million cash for income tax expense for current period.

Account Title	Debit	Credit

11. Based on the journal entries you have prepared, calculate Gap's Net Income/(Net Loss). SHOW YOUR WORK.

Gap's Net Income/(Net Loss)

=

12. At the beginning of the period, Gap had a Cash balance of $1,364 million. Use this beginning balance and your journal entries to show what Gap's Cash T account would look like for the most recent period and calculate Gap's ending Cash balance. SHOW YOUR WORK.

Cash			Gap's Ending Cash Balance	=

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