Sysco, formed in 1969, is Americas largest marketer and distributor of food service products, serving nearly 250,000 restaurants, hotels, schools, hospitals, and other institutions The following transactions are typical of those that occurred in a recent year, but the amounts are simplified a Borrowed $105,500 from a bank, signing a short term note payable b Provided $107,400 in service to customers, with $101,600 on account and the rest received in cash c Purchased equipment for $200,000 in cash d Paid employee wages of $1,200 e Received $450 on account from a customer f Paid $5,250 cash for travel costs during the year g Paid $9,500 cash on accounts payable h Incurred $22,900 in utility expenses during the year, of which $16,100 was paid in cash and the rest owed on account Required 1 For each of the above transactions, prepare accrual basis journal entries (If no entry is required for a transaction event, select No Journal Entry Required in the first account field )

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Posted on Sep 17, 2024

Sysco, formed in 1969, is Americas largest marketer and distributor of food service products, serving nearly 250,000 restaurants, hotels, schools, hospitals, and other institutions. The

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Sysco, formed in 1969, is Americas largest marketer and distributor of food service products, serving nearly 250,000 restaurants, hotels, schools, hospitals, and other institutions. The following transactions are typical of those that occurred in a recent year, but the amounts are simplified.

a.	Borrowed $105,500 from a bank, signing a short-term note payable.
b.	Provided $107,400 in service to customers, with $101,600 on account and the rest received in cash.
c.	Purchased equipment for $200,000 in cash.
d.	Paid employee wages of $1,200.
e.	Received $450 on account from a customer.
f.	Paid $5,250 cash for travel costs during the year.
g.	Paid $9,500 cash on accounts payable.
h.	Incurred $22,900 in utility expenses during the year, of which $16,100 was paid in cash and the rest owed on account.

Required:
1.	For each of the above transactions, prepare accrual basis journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)