- Recording Journal Entries Sysco, formed in 1969, is North America\'s largest m

Question

- Recording Journal Entries Sysco, formed in 1969, is North America's largest marketer and distributor of food service products, serving approximately 425,000 restaurants, hotels, schools, hospitals, and other institutions. The follow ing 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.

Explanation / Answer

Journal Entries S. No. Account Tittle & Explanation Debit Credit a Equipment $636.00 Cash $636.00 To Record Purchase of Equipment b Cash A/c $181.00 Short Term Note Payable $181.00 To Record issuance of Short Term Note Apyable c Service Revenue $39,323.00 Cash $28,558.00 Account Receivable $10,765.00 To Record Service Revenue d Account Payable $32,074.00 Cash $32,074.00 To Record Purchase of Equipment e Merchandised Inventory $32,305.00 Account Payable $32,305.00 To record Purchase of Inventory f Wages $3,500.00 Cash $3,500.00 To Wages Paid g Cash $39,043.00 Account Receivable $39,043.00 To Record amount Received agst Account Receivable h Travel Expense $750.00 Cash $750.00 To Record Travel Expense Paid i Retained Earning $597.00 Dividend Payable $597.00 To Record dividend declared j Utilities Expense $68.00 Cash $55.00 Account Payable $13.00 To Record Utilities Expense

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