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2. Required information 10.00 points Required: 1. Prepare a joumal entry for each transaction. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in millions.) View transaction list Journal entry worksheet Record the $18,279 loan from banks due in two years. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Expert Answer
Journal
| No. | Account Name | Debit | Credit |
| a. | Cash | $18279 | |
| Long-term loan payable | $18279 | ||
| b. | Long-term investments | $4440 | |
| Short-term investments | $17760 | ||
| Cash | $22200 | ||
| c. | Property, Plant and Equipment | $11006 | |
| Cash | $9584 | ||
| Short-term notes payable | $1422 | ||
| d. | Cash | $1481 | |
| Common stock | $1 | ||
| Additional paid in capital | $1480 | ||
| e. | Cash | $19021 | |
| Short-term investments | $19021 | ||
| f. | Retained earnings | $11138 | |
| Dividends payable | $11138 |
