Sysco 169, is the largest glob service products, serving 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). Purchased buildings costing $398 and equipment costing $210 for cash. Borrowed $109 from a bank, signing a short-term note. Provided $58,071 in service to customers during the year, with $27,758 on account and the rest received in cash. Paid $129,374 cash on accounts payable. Purchased $43,283 of inventory on account. Paid payroll, $7,440 during the year. Received $24,943 on account paid by customers. Purchased and used fuel of $1,650 in delivery vehicles during the year (paid for in cash). Declared $798 in dividends at the end of the year to be paid the following year. Incurred $137 in utility usage during the year; paid $97 in cash and owed the rest on account. Required: For each of the transactions, prepare journal entries.
Sysco 169, is the largest glob service products, serving 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). Purchased buildings costing $398 and equipment costing $210 for cash. Borrowed $109 from a bank, signing a short-term note. Provided $58,071 in service to customers during the year, with $27,758 on account and the rest received in cash. Paid $129,374 cash on accounts payable. Purchased $43,283 of inventory on account. Paid payroll, $7,440 during the year. Received $24,943 on account paid by customers. Purchased and used fuel of $1,650 in delivery vehicles during the year (paid for in cash). Declared $798 in dividends at the end of the year to be paid the following year. Incurred $137 in utility usage during the year; paid $97 in cash and owed the rest on account. Required: For each of the transactions, prepare journal entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sysco Corporation, formed in 1969, is the largest global distributor of food
service products, serving 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).
Purchased buildings costing $398 and equipment costing $210 for cash.
Borrowed $109 from a bank, signing a short-term note.
Provided $58,071 in service to customers during the year, with $27,758 on account
and the rest received in cash.
Paid $129,374 cash on accounts payable.
Purchased $43,283 of inventory on account.
Paid payroll, $7,440 during the year.
Received $24,943 on account paid by customers.
Purchased and used fuel of $1,650 in delivery vehicles during the year (paid for in
cash).
Declared $798 in dividends at the end of the year to be paid the following year.
Incurred $137 in utility usage during the year; paid $97 in cash and owed the rest
on account.
Required:
For each of the transactions, prepare journal entries.
Note: If no entry is required for a transaction/event, select "No journal entry
required" in the first account field. Enter your answers in millions rather than in
dollars (for example, 55 million should be entered as 55 rather than
55,000,000).
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