Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 $69,300 cash from a personal savings account to a checking account in the name of Sony Blectric in exchange for its common stoek. December 2 The company paid $1,900 eash for the December rent. December 3 The company purchased $13,400 of electrical equipment by paying $5,200 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $900 cash. December 6 The company completed electrical work and immediately collected $1,700 cash for these services. December 8 The company purchased $2,720 of of f ee equipment on credit, December 15 The company completed electrical work on eredit in the anount of $4,200. December 18 The corpany purchased $360 of supplies on eredit. December 20 The company paid $2,720 cash for the of fice equipment purchased on becember 8 . December 24 The company billed a client $800 for electrieal work completedi the balance in due in 30 daya . December 28 The company received $4,200 cash for the work completed on Duceaber 15 . December 29 The company paid the assistant's balary of $2,000 cash for this month. December 30 The company paid $520 cash for this month's utility bi11. December 31 The company paid $940 canh in dividends-to the owner (bole ahareholder). 1. Enter the amount of each transaction on indivitual items of the accounting equation. Note; 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

Step: 3

blur-text-image

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

Financial Accounting

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

8th Edition

1118484320, 978-1118484326

More Books

Students also viewed these Accounting questions

Question

Understand corporate and HRM strategy.

Answered: 1 week ago