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Sysco, formed in 1969, is North America’s largest marketer and distributor of food service products, serving approximately 400,000 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).a. Purchased plant and equipment for $636 in cash.b. Borrowed $181 from a bank, signing a short-term note.c. Provided $39,323 in service to customers during the year, with $28,558 on account and the rest received in cash.d. Paid $32,074 cash on accounts payable.e. Purchased $32,305 inventory on account.f. Paid payroll, $3,500 during the year.g. Received $39,043 on account paid by customers.h. Purchased and used fuel of $750 in delivery vehicles during the year (paid for in cash).i. Declared and paid $597 in dividends for the year.j. Incurred $68 in utility usage during the year; paid $55 in cash and owed the rest on account.Required:For each of the transactions, prepare journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.)

Respuesta :

TomShelby

Answer:

PPE       636 debit

      Cash           636 credit

--purchase of property, plant and equipment for 636 millions--

Cash          181 debit

    Note Payable    181 credit

--sign of promissory note with a bank--

account receivable 28,558  debit

cash                          10,765  debit (39,323 - 28,558)

        Sales Revenues           39,323 credit

--sales during the period--

Account Payable      32,074 debit

               Cash                      32,074 credit

--payment of accounts--

Inventory               32,305 debit

        Accounts Payable     32,305 credit

--purchase of inventory in account--

Wages expense     3,500 debit

            Cash                         3,500 credit

--payment of wages during the period--

Cash                39,043 debit

      Account Receivable    369,043 credit

--collection of account receivable--

fuel expense      750 debit

             cash                       750 credit

--fuel purchase and use during the period--

Dividends       597 debit

              Cash                    597 credit

--cash dividends declared and paid--

Utilities expense         68 debit

             Cash                         55 credit

             Utilities payable       13  credit (68 - 55)

--utilities expense for the period--

Explanation:

We must always follow the accounting rules.

debit = credit

So at least one account on each side.

Asset and expenses increase from debit and decrease from credit

Liabilities, equity and revenues increase from credit and decrease from debit

anthougo

The preparation of journal entries for Sysco is as follows:

Journal Entries (

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million)

a. Debit Plant and Equipment $636

Credit Cash $636

  • To record the purchase of plant and equipment.

b. Debit Cash $181

Credit Bank Note Payable $181

  • To record short-term note borrowed from a bank.

c. Debit Cash $10,765

Debit Accounts Receivable $28,558

Credit Service Revenue $39,323

  • To record services provided to customers during the year.

d. Debit Accounts Payable $32,074

Credit Cash $32,074

To record payment on account.

e. Debit Inventory $32,305

Credit Accounts Payable $32,305

  • To record the purchase of inventory on account.

f. Debit Payroll Expense $3,500

Credit Cash $3,500

  • To record the payment of payroll expense during the year.

g. Debit Cash $39,043

Credit Accounts Receivable $39,043

  • To record the cash received from customers on account.

h. Debit Fuel for Delivery Vehicles $750

Credit Cash $750

  • To record fuel used for delivery vehicles during the year.

i. Debit Dividends $597

Credit Cash $597

  • To record the payment for dividends.

j. Debit Utility Expense $68

Credit Cash $55

Credit Utilities Payable $13

  • To record the utility expense for the year.

Data and Analysis:

a. Plant and Equipment $636 Cash $636

b. Cash $181 Bank Note Payable $181

c. Cash $10,765 Accounts Receivable $28,558 Service Revenue $39,323

d. Accounts Payable $32,074 Cash $32,074

e. Inventory $32,305 Accounts Payable $32,305

f. Payroll Expense $3,500 Cash $3,500

g. Cash $39,043 Accounts Receivable $39,043

h. Fuel for delivery vehicles $750 Cash $750

i. Dividends $597 Cash $597

j. Utility Expense $68 Cash $55 Utilities Payable $13

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