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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
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 $458 and equipment costing $218 for cash, b. Borrowed $89 from a bank, signing a short-term note. c. Provided $58,371 in service to customers during the year, with $21,458 on account and the rest received in cash. d. Paid $128,574 cash on accounts payable. e. Purchased $40,383 of inventory on account. f. Paid payroll, $8,440 during the year. g. Received $21,143 on account paid by customers: h. Purchased and used fuel of $1,800 in delivery vehicles during the year (paid for in cash). 1. Declared $698 in dividends at the end of the year to be paid the following year. f. Incurred $129 in utility usage during the year, paid $96 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 ). 8 Purchased and used fuel of $1,800 in delivery vehicles during the year (paid for in cash). Declared $698 in dividends at the end of the year to be paid the following year. Incurred $129 in utility usage during the year; paid $96 in cash and owed the rest on account. 1 Purchased buildings costing $458 and equipment costing $218 for cash. 2 Borrowed $89 from a bank, signing a short-term note. 3 Provided $58,371 in service to customers during the year, with $21,458 on account and the rest received in cash. 4 Paid $128,574 cash on accounts payable. 5 Purchased $40,383 of inventory on account. 6 Paid payroll, $8,440 during the year. 7 Received $21,143 on account paid by customers
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