Provide JOURNAL ENTRIES FOR THE FOLLOWING ($ million) ...
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Accounting
Provide JOURNAL ENTRIES FOR THE FOLLOWING
| ($ million) | CASH | Non Cash | TOTAL | ||
| NO CASH FLOW | |||||
| 1 | Inventory Purchases | 0 | 250 | 250 | |
| Cash Purchase | Credit Purchase | ||||
| NO CASH FLOW | |||||
| 2 | 2019 Sales consisted of | 0 | 1,000 | 1,000 | |
| Cash Sales | Credit Sales | ||||
| NO CASH FLOW | |||||
| 3 | 2019 Cost of Sales | n/a | 600 | 600 | |
| 4 | General Expenses | cash outflows | additional accrued | TOTAL EXPENSE | |
| liabilities | |||||
| Salaries | 100 | 0 | 100 | ||
| Utility Bills | 50 | 50 | 100 | ||
| *** | Depreciation | 0 | 100 | 100 | |
| TOTAL | 150 | 150 | 300 | ||
| CASH OUTFLOW | ACCRUED | ||||
| LIABILITY | TOTAL EXPENSE | ||||
| 5 | Interest Expenses | 50 | 10 | 60 | |
| Total interest was 60. | |||||
| CASH OUTFLOW | ACCRUED | ||||
| LIABILITY | TOTAL EXPENSE | ||||
| 6 | Taxes (assumed and fixed) | 50 | 50 | 100 | |
| Total Tax expense was 100 | |||||
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