Question

Victoria, Inc., is one of the world's leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The amounts are rounded to millions, except for par value. a. Purchased additional buildings for $166 and equipment for $260; paid $402 in cash and signed a long-term note for the rest. b. Issued 90 shares of $2 par value common stock for $345 cash. c. Declared $135 in dividends to be paid in the following year. d. Purchased additional short-term investments for $7,716 cash. e. Several Victoria, Inc., investors sold their own stock to other investors on the stock exchange for $86. f. Sold $4,213 in short-term investments for $4,213 in cash. Required: Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) View transaction list Journal entry worksheet 2 3 4 5 6 Record the purchase of additional buildings for $166 and equipment for $260 paid with $402 cash and a long-term note for the rest. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Answer 1

Journal entries

Transaction	General Journal	Debit	Credit
a	Building	166
	Equipment	260
	cash		402
	Notes payable		24
b	Cash	345
	Common Stock (90*2)		180
	Paid in capital in excess of par value-Common Stock		165
c	Cash dividend	135
	Dividend payable		135
d	Short term investment	7716
	Cash		7716
e	No Journal entry
f	Cash	4213
	Short term investment		4213