E3-7 (Algo) Recording Journal Entries LO3-4 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 $466 and equipment costing $270 for cash. b. Borrowed $139 from a bank, signing a short-term note. c. Provided $52,071 in service to customers during the year, with $20,958 on account and the rest received in cash. d. Paid $135,474 cash on accounts payable. e. Purchased $39,183 of inventory on account. f. Paid payroll, $7,840 during the year. g. Received $21,243 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 $127 in utility usage during the year; paid $94 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 $466 and equipment costing $270 for cash.
E3-7 (Algo) Recording Journal Entries LO3-4 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 $466 and equipment costing $270 for cash. b. Borrowed $139 from a bank, signing a short-term note. c. Provided $52,071 in service to customers during the year, with $20,958 on account and the rest received in cash. d. Paid $135,474 cash on accounts payable. e. Purchased $39,183 of inventory on account. f. Paid payroll, $7,840 during the year. g. Received $21,243 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 $127 in utility usage during the year; paid $94 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 $466 and equipment costing $270 for cash.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 26E
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Transcribed Image Text:E3-7 (Algo) Recording Journal Entries LO3-4
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 $466 and equipment costing $270 for cash.
b. Borrowed $139 from a bank, signing a short-term note.
c. Provided $52,071 in service to customers during the year, with $20,958 on account and the rest received in cash.
d. Paid $135,474 cash on accounts payable.
e. Purchased $39,183 of inventory on account.
f. Paid payroll, $7,840 during the year.
g. Received $21,243 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 $127 in utility usage during the year; paid $94 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
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7
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10
>
Purchased buildings costing $466 and equipment costing $270 for cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
a
Record entry
Clear entry
View general journal
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