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Q: Costco, Inc. describes itself as follows in its first footnote: Costco Wholesale Corporation and its subsidiaries operate membership warehouses based on the concept that offering members low prices on a limited selection of nationally-branded and private-label products in a wide range of merchandise categories will produce high sales volumes and rapid inventory turnover. At August 30, 2022, Costco operated 838 warehouses worldwide: 578 in the United States located in 46 states, Washington, D.C., and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the U.K., 17 in Korea, 14 in Taiwan, 12 in Australia, 4 in Spain, 2 each in France and China, and 1 in Iceland. The Company operates e-commerce websites in the U.S., Canada, Mexico, U.K., Korea, Taiwan, Japan, and Australia. Below you will see SOME (not all!) of Costcos transactions in their most recent fiscal year. Provide the journal entry (accounts and amounts) needed to record each transaction. I completed the first journal entry for you to give you a sense of how your entries should look.

Record Journal Entries. But also add the entries I have made in BOLD. Plz. make sure to add that in BOLD. Thanks. For example, b) Collected $221.1 billion cash from customers related to prior credit sales. Cash (A) Goes up, AR (A) Goes down. What account does it fall meaning if it is cash is it an asset does it go down or up, if it is Accounts Receivable (Asset) goes down. I believe that you did it but didn't quite understand what is being asked.

a) Had $221.5 billion in credit sales and $1.2 billion cash sales to customers. The products that were sold had a cost of $199.4 billion. Dr. Accounts Receivable 221.5 billion Dr. Cash 1.2 billion Cr. Sales 222.7 billion Dr. Cost of Goods Sold 199.4 billion Cr. Inventory 199.4 billion.

b) Collected $221.1 billion cash from customers related to prior credit sales. Cash (A) Goes up, AR (A) Goes down.

wed to the bank and the remaining $0.2 billion related to interest expense incurred during the current period. Cash (A) Goes down, Notes Payable (L) Goes down, Interest Exp (E)

d) Purchased $203.1 billion worth of inventory on account.

e) Declared and paid cash dividends of $1.5 billion.

f) Received $4.2 billion cash from customers for membership fees. Of this $4.2 billion, $3.9 billion related to current year membership and the remaining $0.3 billion related to next years membership.

g) Purchased new manufacturing equipment costing $3.9 billion on account.

h) Paid $205.4 billion cash related to accounts payable due to suppliers.

i) Paid $1.1 billion cash to purchase short-term investments.

j) Paid employees $5.6 billion cash in the current period for salaries and wages. Of this $5.6 billion, $0.6 billion related to prior period employee service and the remaining $5.0 billion related to current period employee service.

k) Paid $0.9 billion cash to rent warehouse and store facilities. Of this $0.9 billion, $0.6 billion was for the right to use the facilities in the current period and the remaining $0.3 billion was for the right to use the spaces in a future period.

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