Answered step by step
Verified Expert Solution
Question
1 Approved Answer
D Required information Problem 1-9A (Algo) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below]
D Required information Problem 1-9A (Algo) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below] Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $68, 900 cash from a personal savings account to a checking account in the name of Sony Electric. December 2 The company paid $1,600 cash for the December rent. December 3 The company purchased $13, 500 of electrical equipment by paying $5,300 cash and agreeing to pay the $8, 200 balance in 30 days. December 5 The company purchased supplies by paying $800 cash. December 6 The company completed electrical work and immediately collected $1,800 cash for these services. December 8 The company purchased $2,990 of office equipment on credit December 15 The company completed electrical work on credit in the amount of $5,300, December 18 The company purchased $390 of supplies on credit. December 20 The company paid $2,990 cash for the office equipment purchased on December 8. December 24 The company billed a client $900 for electrical work completed, the balance is due in 30 days. December 28 The company received $5, 300 cash for the work completed on December 15, December 29 The company paid the assistant' a salary of $1,700 cash for this month. December 30 The company paid $580 cash for this month utility bill. December 31 Sanyu Sony withdrew $920 cash fron the company for personal use.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started