E3-7 Recording Journal Entries LO3-4

Sysco, formed in 1969, is North Americas largest marketer and distributor of food service products, serving approximately 425,000 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).

1. Purchased plant and equipment for $595 in cash.
2. Borrowed $808 from a bank, signing a short-term note.
3. Provided $38,922 in service to customers during the year, with $26,050 on account and the rest received in cash.
4. Paid $32,274 cash on accounts payable.
5. Purchased $30,149 inventory on account.
6. Paid payroll, $3,400 during the year.
7. Received $37,410 on account paid by customers.
8. Purchased and used fuel of $780 in delivery vehicles during the year (paid for in cash).
9. Declared $498 in dividends at the end of the year to be paid the following year.
10. Incurred $83 in utility usage during the year; paid $59 in cash and owed the rest on account.

View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Record purchase of equipment for $595 in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal View transaction list 1 Record purchase of equipment for $595 in cash. 2 Record $808 loan from the bank evidenced by a short- term note. 3 Record $38,922 in service to customers during the year, with $26,050 on account and the rest received in cash. 4 Record payment of $32,274 of cash on account payable. Cr 5 Record purchase of inventory on account for $30,149. 6 Record payroll payment of $3,400 in cash. 1 7 Record receipt of $37,410 on account paid by customers. Note : journal entry has been entered Record entry Clear entry View g 7 Record receipt of $37,410 on account paid by customers. 8 Record purchase and use of fuel for delivery vehicles $780. 9 Record declaration of dividends $498 paid in the following year. 10 Record utilities incurred for $83 and payment made $59. Note : = journal entry has been entered Record entry Clear entry Viel