Sysco Corporation, formed in 1969, is the largest global distributor of food service products, serving over 500,000 restaurants, hotels, schools, hospitals, and other institutions. The following summarized transactions are typical of those that occurred in a recent year (dollars are in millions).

a. Purchased buildings costing $392 and equipment costing $210 for cash.
b. Borrowed $119 from a bank, signing a short-term note.
c. Provided $52,671 in service to customers during the year, with $20,958 on account and the rest received in cash.
d. Paid $136,074 cash on accounts payable. Purchased $44,083 of inventory on account.
e. Paid payroll, $8,440 during the year. Received $23,643 on account paid by customers.
f. Purchased and used fuel of $1,750 in delivery vehicles during the year (paid for in cash).
g. Declared $698 in dividends at the end of the year to be paid the following year.
h. Incurred $134 in utility usage during the year; paid $96 in cash and owed the rest on account.

Required:
For each of the transactions, prepare journal entries.

Question

02-10-2020
Business

contestada

Sysco Corporation, formed in 1969, is the largest global distributor of food service products, serving over 500,000 restaurants, hotels, schools, hospitals, and other institutions. The following summarized transactions are typical of those that occurred in a recent year (dollars are in millions).

a. Purchased buildings costing $392 and equipment costing $210 for cash.
b. Borrowed $119 from a bank, signing a short-term note.
c. Provided $52,671 in service to customers during the year, with $20,958 on account and the rest received in cash.
d. Paid $136,074 cash on accounts payable. Purchased $44,083 of inventory on account.
e. Paid payroll, $8,440 during the year. Received $23,643 on account paid by customers.
f. Purchased and used fuel of $1,750 in delivery vehicles during the year (paid for in cash).
g. Declared $698 in dividends at the end of the year to be paid the following year.
h. Incurred $134 in utility usage during the year; paid $96 in cash and owed the rest on account.

Required:
For each of the transactions, prepare journal entries.

Respuesta :

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2020-10-02T16:51:58+02:00

Answer:

a. Dr Building and Equipment 602

Cr Cash 602

b.Dr Cash 119

Cr Short-term notes payable 119

c.Dr Cash 31,713

Dr Accounts receivable 20,958

Cr Service revenue 52,671

d.Dr Accounts payable 136,074

Cr Cash 136,074

e.Dr Inventory 44,083

Cr Accounts payable $44,083

f. Dr Wages expense 8,440

Cr Cash 8,440

g. Dr Cash 23,643

Cr Accounts receivable $23,643

h. Dr Fuel expense 1,750

Cr Cash 1,750

i. Dr Retained earnings 698

Cr Cash 698

j. Dr Utilities expense 134

Cr Cash 96

Cr Accounts payable 38

Explanation:

Preparation of Journal entries