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.

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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