Question

work Required information The following information applies to the questions displayed below.] Starbucks is a coffee company-a big coffee company. During a 10-year period, the number of Starbucks locations in China grew from 24 to over 1,000. The following is adapted from Starbucks's annual report for the year ended October 2 2016, and dollars are reported in millions $6,060 635 3,310 500 5,020 3,600 1,860 Notes Payable (long-term) 2,410 Notes Payable (short-term) 2,020 Receivable Cash Equipment Inventory Prepaid Rent Retained Earnings 4, 890 810 Assume that the following events occurred in the following quarter, which ended December 31, 2016. Dollars are in millions a. Paid $1,750 cash for additional intangible assets b. Issued additional shares of common stock for $11,500 in cash c. Purchased equ d. Paid $950 cash for accounts payable owed at October 2 e Conducted negotiations to purchase a coffee farm, which is expected to cost $9,400 t: paid $3,400 in cash and signed additional long-term loans for $10,400 3. Record the transaction effects determined in part 2 using 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).)

Answer 1

1	a	Intangible Assets	1750
		Cash		1750
2	b	Cash	11500
		Common Stock		11500
3	c	Equipment	13800
		Cash		3400
		Notes payable (long-term)		10400
4	d	Accounts Payable	950
		Cash		950
5	e	No Journal entry required