Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. nike manufactures athletic shoes and sports appare

NIKE manufactures athletic shoes and sports apparel. Assume the following activities occurred during a recent...

60.1K

Verified Solution

Question

Accounting

NIKE manufactures athletic shoes and sports apparel. Assume the following activities occurred during a recent year. The dollar amounts in (a) and (b) are presented "in millions," and the dollar amount in (c) is per share. When reporting amounts "in millions," exclude the 000.000.

  1. Purchased $216 in equipment; paid by signing a $5 long-term note and fulfilling the rest with cash.
  2. Issued $21 in additional common stock for cash contributions made by stockholders.
  3. Several NIKE investors sold their own stock to other investors on the stock exchange for $110 per share of stock.

Required:

  1. For each of the events above, prepare journal entries.
  2. Which statement best describes transaction transaction (c)?

Complete this question by entering your answers in the tabs below.

image
Complete this question by entering your answers in the tabs below. For each of the events above, 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 (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet Issued $21 in additional common stock for cash contributions made by stockholders. Record the transaction. Note: Enter debits before credits

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

4 3 x y 4 3x y 11

Algebra
Q

Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW IT...

Finance
Q

Passive Transport a type of passive transport where molecules move from a region of high...

Biology
Q

What is the volume of the cylinder below A 968 units OB 352 units OC...

Geometry
Q

ructions equation of the tangent line to a

Basic Math
Q

R is the region bounded by the functions f(x) = -(3x/2) - 10 and g(x)...

Calculus
Q

Of all numbers whose difference is 16, find the two that have the minimum product.What...

Calculus
Q

Let x, y R" be given.(a) If ||x|| = ||y|| = 1 and x...

Algebra
Q

Listen Which of the following expressions is equivalent to cos 0 1 sin 0 a...

Algebra
Q

Solve 4x 5 2 x 2 Provide your answer below

Algebra
Q

On July 15, Piper Co. sold $18,000 of merchandise (costing $9,000) for cash. The sales...

Accounting
Q

answer these 3 please Lower-of-Cost-or-Market Method On the...

Accounting