Sysco, formed in 1969, is the largest U. S. marketer and distributor of food service products, serving nearly 250,000 restaurants, hotels, schools, hospitals, and other institutions. The following summarized transactions are typical of those that occurred in a recent year:
a. Borrowed $ 745 million from financial institutions, signing long- term notes.
b. Provided $ 42.4 billion in service to customers during the year, with $ 32.4 billion on account and the rest received in cash.
c. Purchased plant and equipment for $ 784.5 million in cash.
d. Purchased $ 33.7 billion inventory on account.
e. Paid $ 2.9 billion in salaries during the year.
f. Received $ 29.8 billion on account paid by customers.
g. Purchased and used fuel of $ 749 million in delivery vehicles during the year (paid for in cash).
h. Declared and paid $ 622.8 million in dividends for the year.
i. Paid $ 31.5 billion cash on trade payables.
j. Incurred $ 56 million in utility usage during the year; paid $ 44 million in cash and the rest on account.
Prepare a journal entry to record each of the transactions. Determine whether the accounting equation remains in balance and debits equal credits after each entry.

  • CreatedAugust 04, 2015
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