Question

Saved Sysco is a global leader in marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments, and other customers who prepare meals away from home. The following transactions are typical of those that occurred in a recent year, but the amounts are simplified. (Dollars are in thousands) a. Borrowed $80,000 from a bark, signing a short-term note payable. b. Provided $100,000 in service to customers, with 595,000 on account and the rest received in cash c Purchased plant and equipment for $330.000 in cash d. Paid employee wages of $1000 e Received $410 on account from a customer. Paid 4.000 cash for travel costs during the year. g. Paid $8.200 cash on accounts payable h. Incurred $20.000 in utility expenses during the year, of which $15,000 was paid in cash and the rest owed on account Required: 1-a. For each of the above transactions, prepare journal entries. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in thousands of dollars.) 5 View transaction list Journal entry worksheet 1 5 6 7 8 > Borrowed $80,000 from a bank, signing a short-term note payable. Note: terdebts before credits Transaction General Journal < Prey 5 of 5 Nord E e DELL

Answer 1

Solution:
	Journal Entries
	Transaction	Accounts	Debit	Credit
	a	Cash	$                    80,000
		Note Payable		$                      80,000
	b	Cash	$                       5,000
		Account Receivable	$                    95,000
		Service Revenue		$                   100,000
	C	Plant and Equipment	$                  130,000
		Cash		$                   130,000
	D	Wages Expenses	$                       1,000
		Cash		$                        1,000
	e	Cash	$                          410
		Account Receivable		$                            410
	f	Travelling Expenses	$                       4,000
		Cash		$                        4,000
	g	Account Payable	$                       8,200
		Cash		$                        8,200
	h	Utilities Expenses	$                    20,000
		Cash		$                      15,000
		Account Payable		$                        5,000