Question: Recording Journal Entries Sysco, formed in 1969, is America's largest marketer and distributor of food service products, serving nearly 250,000 restaurants, hotels, schools, hospitals, and other institutions. The following transactions are typical of those that occurred in a recent year. (All amounts are rounded to the nearest thousand.)
a. Borrowed $80,000 from a bank, signing a short-term note payable.
b. Provided $10,000 in service to customers with $9,500 on account and the rest received in cash.
c. Purchased plant and equipment for $130,000 in cash.
d. Paid employee wages of $1,000.
e. Received $410 on account from customers.
f. Purchased and used fuel of $400,000 in delivery vehicles during the year (paid for in cash).
g. Paid $8,200 cash on accounts payable.
h. Incurred $20,000 in utility expenses during the year, of which $15,000 was paid in cash and the rest owed on account.
Required: For each transaction, prepare journal entries. Determine whether the accounting equation remains in balance and debits equal credits after each entry.