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.)
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Ответ:
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
Ответ: