Question

Required information P2-5 (Algo) Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing the Balance Sheet, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 [The following information applies to the questions displayed below) Mango Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players and sells a variety of related software and services. The following is Mango's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) ASSETS Current assets: Cash Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total 11 abilities Stockholders' equity: Common stock (50.00001 per value) Additional paid in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity $ 13,884 11,265 17,509 2,116 23,939 68,713 130,50 20,679 12,556 $ 232,456 $ 30,277 13,503 8,515 6.325 63,620 29,066 27,932 120,618 1 23,712 88,125 $ 232,456 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018):

Answer 1

Answer :-

S.No.	Account title		Debit	Credit
1	Cash/Bank		$18,274
	To Long Term Debt			$18,274
2	Long Term Investment		$4,340
	Short Term Investment		$17,360
	To Cash			$21,700
3	property, plant, and equipment		$10,996
	To Short Term Notes Payable			$1,418
	To Cash			$9,578
4	Cash		$1,476
	To Retained Earnings			$1,475
	To Additional Paid in Capital			$1
5	Cash		$19,016
	To Short Term Investment			$19,016
6	Declared Dividend		$11,133
	To Dividend Payable			$11,133