Reference no: EM131799864
Assignment
Balance Sheet Values, September 30, 2011($ in millions)
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Cash
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$ 2,389
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|
|
Accounts and notes receivable
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1,204
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|
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Inventories
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115
|
|
|
Prepaid expenses
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714
|
|
|
Property and equipment, at cost
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35,220
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|
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Other assets
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5,518
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|
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Accumulated depreciation
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$12,882
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Notes and accounts payable
|
|
750
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Other liabilities
|
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18,189
|
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Paid-in capital
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5,447
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Retained earnings
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35,330
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Other stockholders' equity'
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27,438
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|
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Total
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$72,598
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$72 598
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Consider the following assumed partial summary of transactions for October 2011 ($ in millions):
a. Revenues in cash, company-owned restaurants, $1,550.
b. Revenues, on open account from franchised restaurants, $550. Open a separate revenue account for these sales.
c. Inventories acquired on open account, $827.
d. Cost of the inventories sold. $820.
e. Depreciation, $250. (Debit Depreciation Expense.)
f. Paid rent and insurance premiums in cash in advance, $142. (Debit Prepaid Expenses.)
g. Prepaid expenses expired, $137. (Debit Operating Expenses.)
h. Paid other liabilities in cash, $163.
i. Cash collections on receivables, $590.
j. Cash disbursements on notes and accounts payable, $747.
k. Paid interest expense in cash, $110. I. Paid other expenses in cash, mostly payroll and advertising, $1, 010. (Debit Operating Expenses.)
Required
- Record all transactions in the journal
- Beginning T-accounts and post the journal entries to the T-accounts. Key the entries with the transaction letters used here
- At the end, Prepare a trial balance for October 31 20X1.