Question

Sysco, formed in 1969, is North America's largest marketer and distributor of food service products, serving approximately 425,000 restaurants, hotels, schools, hospitals, and other insitutions. The folowing summarized transactions are typical of those that occurred in a recent year (dollars are in millions) a Purchased plant and equipment for $600 in cash b. Borrowed $958 from a bank, signing a short-term note c. Provided $39,022 in service to customers during the year, with $26,750 on account and the rest neceived in cash d Paid $32,874 cash on accounts payable. e. Purchased $30,149 inventory on account t Paid payeoll, 54,300 during the year Received $36,810 on account paid by customers h. Purchased and used fuel of $7TO in delivery vehicles during the year (paid for in cash) L Declared $504 in dividends at the end of the year to be paid the folowing year Incurred $83 in uility usage during the year, paid $50 in cash and owed the rest on account Required: For each of the transactions, prepare jounal entries. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field. Enter your answers in milions) View transaction list

Answer 1

Sol: The Journal entries for the aforementioned question is as under in the Working Table:-

Transaction	General Journal	Debit	Credit
1	Cash A/c		600
1	Equipment A/c	600
2	Short Term note		958
2	Bank A/c	958
3	Sales A/c		39022
3	Customer A/c	26750
3	Cash A/c	12272
4	Account Payable	32874
4	Cash A/c		32874
5	Inventory A/c	30149
5	Account Payable		30149
6	Cash A/c		4300
6	Payroll A/c	4300
7	Customer A/c		36810
7	Cash A/c	36810
TOTAL		144713	144713