Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with this please n Sysco Corporation, formed in 1969, is the largest global distributor of food service products, serving restaurants, hotels, schools, hospitals,

please help with this please image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
n 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). a. Purchased buildings costing $400 and equipment costing $202 for cash. b. Borrowed $89 from a bank, signing a short-term note. c. Provided $58,171 in service to customers during the year, with $29,358 on account and the rest received in cash. d. Paid $127174 cash on accounts payable. e. Purchased $35,783 of inventory on account. f. Paid payroll, $8,040 during the year. g. Received $23,143 on account paid by customers. h. Purchased and used fuel of $1,700 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. J. Incurred $125 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. 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). Journal entry worksheet 8 10 Journal entry worksheet 8 9 10 2 7 3 5 6 Provided $58,171 in service to customers during the year, with $29,358 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Clear entry View general Journal Record entry ^ View transaction list Journal entry worksheet View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Market Management

Authors: David A. Aaker

4th Edition

0471309567, 9780471309567

More Books

Students also viewed these Accounting questions