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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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 $1,150 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.*
*Note: Enter debits before credits.*
| Transaction | General Journal | Debit | Credit |
|--------------|------------------|-------|--------|
| a. | | | |
| | | | |
| | | | |
**Buttons:**
- Record entry
- Clear entry
- View general journal
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education