PA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet...
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PA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Southern Allen Interiors Incorporated is a leading manufacturer and retailer of home furnishings in the United States ans abroad. The following is adapted from Southern Allen's June 30, 2019, trial balance. (The amounts shown represent millions of dollars.) Assume that the following events occurred in the following quarter. a. Paid $50 cash for additional inventory. b. Issued additional shares of common stock for $40 in cash. c. Purchased equipment for $160; paid $75 in cash and signed a note to pay the remaining $85 in two years. d. Signed a short-term note to borrow $14 cash. e. Conducted negotiations to purchase a sawmill, which is expected to cost $36. eceginningdas10)
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