Homework Answers
| 1) Journal Entries in Millions | |||
| Transaction | General Journal | Debit | Credit |
| a | Equipment | $216 | |
| Notes Payable | $5 | ||
| Cash ($216 - $5) | $211 | ||
| (To record the purchase of equipment) | |||
| b | Cash | $21 | |
| Common Stock | $21 | ||
| (To record the issue of common stock for cash) | |||
| c | No Journal entry is required | ||
| 2) | |||
| When investors of a company sell their own stock to other investors then there is no financial impact on the company's accounting records so no journal entry is prepared, hence, the correct answer is "Transaction (c ) occurs between the owners and others in the stock market, hence, there is no effect on the business". | |||
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E2-5 Determining Financial Statement Effects of Several
Transactions LO2-3
FootCovers, Inc., with headquarters in Beaverton, Oregon, 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.
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Issued 100 shares of $2 par value common stock for $355
cash.
Declared $145 in dividends...
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E2-5 Determining Financial Statement Effects of Several
Transactions LO2-3
FootCovers, Inc., with headquarters in Beaverton, Oregon, 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.
Purchased additional buildings for $184 and equipment for $270;
paid $402 in cash and signed a long-term note for the rest.
Issued 100 shares of $2 par value common stock for $355
cash.
Declared $145 in dividends...
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