1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
adoni [48]
2 years ago
6

Sysco Corporation, formed in 1969, is the largest global distributor of food service products, serving over 500,000 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 buildings costing $450 and equipment costing $234 for cash.
b. Borrowed $119 from a bank, signing a short-term note.
c. Provided $54,171 in service to customers during the year, with $23,358 on account and the rest received in cash.
d. Paid $129,574 cash on accounts payable.
e. Purchased $41,983 of inventory on account.
f. Paid payroll, $5,240 during the year.
g. Received $19,043 on account paid by customers.
h. Purchased and used fuel of $1,600 in delivery vehicles during the year (paid for in cash).
i. Declared $598 in dividends at the end of the year to be paid the following year.
j. Incurred $126 in utility usage during the year; paid $93 in cash and owed the rest on account.
Required:
For each of the transactions, prepare journal entries.
Business
1 answer:
Leona [35]2 years ago
5 0

Answer:

Sysco Corporation

Journal Entries:

a. Debit Buildings $450

Debit Equipment $234

Credit Cash $684

To record the purchase of long-term assets for cash.

b. Debit Cash $119

Credit Short-term Note Payable $119

To record the funds borrowed from a bank.

c. Debit Accounts receivable $23,358

Debit Cash $30,813

Credit Service Revenue $54,171

To record the provision of service to customers on account and for cash.

d. Debit Accounts Payable $129,574

Credit Cash $129,574

To record the payment on account.

e. Debit Inventory $41,983

Credit Accounts Payable $41,983

To record the purchase of merchandise on account.

f. Debit Salaries Expense $5,240

Credit Cash $5,240

To record the payment of payroll during the year.

g. Debit Cash $19,043

Credit Accounts receivable $19,043

To record the cash received from customers on account.

h. Debit Delivery Vehicles Expense $1,600

Credit Cash $1,600

To record the purchase of fuel for the delivery vehicles.

i. Debit Dividend $598

Credit Dividends Payable $598

To record the declaration of dividend.

j. Debit Utilities Expense $126

Credit Cash $93

Credit Utilities Payable $33

To record the Utilities expenses incurred during the year.

Explanation:

Transactions Analysis:

a. Buildings $450  Equipment $234  Cash $684

b. Cash $119 Short-term Note Payable $119

c. Accounts receivable $23,358 Cash $30,813 Service Revenue $54,171

d. Accounts Payable $129,574 Cash $129,574

e. Inventory $41,983 Accounts Payable $41,983

f. Salaries Expense $5,240 Cash $5,240

g. Cash $19,043 Accounts receivable $19,043

h. Delivery Vehicles Expense $1,600 Cash $1,600

i. Dividend $598 Dividends Payable $598

j. Utilities Expense $126 Cash $93 Utilities Payable $33

You might be interested in
FedEx Corp stock ended the previous year at $103.39 per share. It paid a $0.35 per share dividend last year. It ended last year
mr Goodwill [35]

Answer:

$730 and 3.53%

Explanation:

Given that

Initial Price = $103.39

Ending Price = $106.69

Dividend Paid = $0.35

Number of Shares owned = 200

The computation of the dollar return and the percent return is shown below:

Dollar return is

= [0.35 + ($106.69 - $103.39)] × 200

= $730

And, the percentage return is

= $730 ÷ (200 × $103.39)

= 3.53%

6 0
3 years ago
Have opened up new horizons for proactive and reactive investigations of consumer fraud because an investigator can begin develo
Elden [556K]
I believe the answer is <span>. Decoy appliances/vehicles      
The majority of this fraud is targeted the people who do not really pay attention to the specs of the product they use.
For example, many repairment targets older people by giving them advice to fix parts of their computer that's working fine.</span>
3 0
3 years ago
Read 2 more answers
The most important/essential results from the latest decision round that company managers need to review/study in order to guide
Finger [1]
Just dialate the quartile broski its fax bro 
4 0
3 years ago
Read 2 more answers
Question 3 of 10
Stels [109]

Answer:

underrepresented student scholarship.

7 0
2 years ago
Read 2 more answers
Critically discuss the economic importance of the secondary sector to the south African economy.​
LuckyWell [14K]

Wait ⚠️

This question is from quizlet

4 0
3 years ago
Other questions:
  • Property rights are the right of the government to own, use, and dispose of resources in an economy.
    9·1 answer
  • Sonia goes to have her hair trimmed and agrees to pay $40 to the stylist. while there, sonia decides that she would also like hi
    11·1 answer
  • Marketing Inc. offers to create a campaign to increase N'Ice Creamery, Inc.'s online business. N'Ice agrees to pay for the servi
    9·1 answer
  • _____ refers to the actions of consumers directly involved in obtaining, consuming, and disposing of products, and the decision
    6·1 answer
  • Chips Corp., has contacted Cierra with an offer to sell to Cierra 10,000 of the chips for $22.00 per chip. If Cierra accepts the
    13·1 answer
  • Pam sees that the price of bananas has risen in the grocery store. All else equal, she decides to buy more tangerines than she n
    9·1 answer
  • Because tacit knowledge is so difficult to communicate, _______ might be the single best way to acquire it. Select one: a. writt
    5·1 answer
  • What are three factors that affect the cost of homeowner’s insurance?
    15·1 answer
  • What the difference between international accounting and domestic accounting
    9·1 answer
  • What sup i am newwwwwww
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!