Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me solve this problem ASAP. Thank you and I do appreciate it . Sanyu Sony started a new business and completed these transactions

Please help me solve this problem ASAP. Thank you and I do appreciate it .
image text in transcribed
image text in transcribed
Sanyu Sony started a new business and completed these transactions during December. December 1 Saryu Sony transferred 564,860 cash from a personal savings account to a checking account in the namie of Sony Electric in exchange for its common stock. December 2 The company paid $1,700 cash for the December rent. December 3 The company purchased $13,800 of electrical equipment by pay 1 hg $5,600 cash and agreeing to pay the $8,200 balance in 38 days. December 5 The company purchased supplies by paying $80e. cash. December 6 The company conpleted electrical work and imnedlately collected $1,709 cash for these services. Decenber in The coupany purchased $2,660 of office equipenent on credit. December 15 The company coepleted electrical work on credit in the anount of 55,100. December 18 The cospany purchased $450 of supplies on credit. December 26 The company paid $2,660 cash for the offlce equipment purchased on Decenber b. Decenber 24 The coepany billed a client $960 for electrical work completed; the balance is due In 30 days. Deceaber 20 The company received $5,100 cash for the work completed on December 15. December 29 The company paid the assistant's 5alary of 32,000 cash fo December 31 The company paid $930 cash in dividends to the ouner (sole shareholder). Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Enter reductions to account balances with a minus sign.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions