E3-7 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 $432 and equipment costing $254 for cash. b. Borrowed $119 from a bank, signing a short-term note. c. Provided $55,371 in service to customers during the year, with $28,558 on account and the rest received in cash. d. Paid $132,074 cash on accounts payable. e. Purchased $41,683 of inventory on account. f. Paid payroll, $6,540 during the year. g. Received $22,043 on account paid by customers. h. Purchased and used fuel of $1,750 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 $121 in utility usage during the year; paid $110 in cash and owed the rest on account. Page 148 Required: For each of the transactions, prepare journal entries. Determine whether the accounting equation remains in balance and debits equal credits after each entry.

E3-7 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 $432 and equipment costing $254 for cash. b. Borrowed $119 from a bank, signing a short-term note. c. Provided $55,371 in service to customers during the year, with $28,558 on account and the rest received in cash. d. Paid $132,074 cash on accounts payable. e. Purchased $41,683 of inventory on account. f. Paid payroll, $6,540 during the year. g. Received $22,043 on account paid by customers. h. Purchased and used fuel of $1,750 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 $121 in utility usage during the year; paid $110 in cash and owed the rest on account. Page 148 Required: For each of the transactions, prepare journal entries. Determine whether the accounting equation remains in balance and debits equal credits after each entry.

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Description: E3-7 Recording Journal EntriesLO3-4Sysco Corporation, formed in 1969, is the largest global distributor of food service products, serving over 500,000restaurants, hotels, schools, hospitals, and other institutions. The following summarized transacti

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 4PB: In March, T. Carter established Carter Delivery Service. The account headings are presented below....

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Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.
In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
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