Question

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 $458 and equipment costing $234 for cash. b. Borrowed $129 from a bank, signing a short-term note. c. Provided $53,171 in service to customers during the year, with $28,558 on account and the rest received in cash. d. Pald $137,874 cash on accounts payable. e. Purchased $39,783 of inventory on account. f. Paid payroll, $5,540 during the year. g. Received $18,543 on account paid by customers. h. Purchased and used fuel of $1,550 in delivery vehicles during the year (paid for in cash). I. Declared $698 in dividends at the end of the year to be paid the following year. J. Incurred $102 in utility usage during the year: paid $99 in cash and owed the rest on account. Required: For each of the 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 millions.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Purchased buildings costing $458 and equipment costing $234 for cash. Note: Enter debits before credits < Prev 4 of 9 !!! Next >

Answer 1

Journal entries are as follows:

Date	Account and Explanation	Debit($)	Credit($)
a)	Buildings	458
	Equipment	234
	Cash		692
	(Recorded the purchase of Buildings and Equipment)
b)	Cash	129
	Notes Payable		129
	(Recorded the short term notes)
c)	Cash	24,613
	Account Receivable	28,558
	Service Revenue		53,171
	(Recorded the cash recived and Account Receivable)
d)	Account Payable	137,874
	Cash		137,874
	(Recorded the payment of account payable)
e)	Merchandise Inventory	39,783
	Account Payable		39,783
	(Recorded the purchase of Inventory on account)
f)	Payroll Expenses	5,540
	Cash		5,540
	(Recorded the payment of payroll expenses)
g)	Cash	18,543
	Account Receivable		18,543
	(Recorded the cash recieved from the account receivable)
h)	Fuel Expenses	1,550
	Cash		1,550
	(Recorded the payment of fuel expenses)
i)	Dividend	698
	Dividend Payable		698
	(Recorded the dividend payable)
j)	Utility Expenses	102
	Cash		99
	Utility Expenses Payable		3
	(Recorded the utility expenses in cash and in account)