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Provide JOURNAL ENTRIES FOR THE FOLLOWING ($ million) ...

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Accounting

Provide JOURNAL ENTRIES FOR THE FOLLOWING

($ million) CASH Non Cash TOTAL
NO CASH FLOW
1 Inventory Purchases 0 250 250
Cash Purchase Credit Purchase
NO CASH FLOW
2 2019 Sales consisted of 0 1,000 1,000
Cash Sales Credit Sales
NO CASH FLOW
3 2019 Cost of Sales n/a 600 600
4 General Expenses cash outflows additional accrued TOTAL EXPENSE
liabilities
Salaries 100 0 100
Utility Bills 50 50 100
*** Depreciation 0 100 100
TOTAL 150 150 300
CASH OUTFLOW ACCRUED
LIABILITY TOTAL EXPENSE
5 Interest Expenses 50 10 60
Total interest was 60.
CASH OUTFLOW ACCRUED
LIABILITY TOTAL EXPENSE
6 Taxes (assumed and fixed) 50 50 100
Total Tax expense was 100

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