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
