Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Skip to question [ The following information applies to the questions displayed below. ] Sanyu Sony started a new business and completed these

image text in transcribed
Required information Skip to question [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 $64,300 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. December 2 The company paid $1,500 cash for the December rent. December 3 The company purchased $14,900 of electrical equipment by paying $6,700 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $1,000 cash. December 6 The company completed electrical work and immediately collected $1,900 cash for these services. December 8 The company purchased $2,620 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $6,700. December 18 The company purchased $350 of supplies on credit. December 20 The company paid $2,620 cash for the office equipment purchased on December 8. December 24 The company billed a client $800 for electrical work completed; the balance is due in 30 days. December 28 The company received $6,700 cash for the work completed on December 15. December 29 The company paid the assistants salary of $1,800 cash for this month. December 30 The company paid $600 cash for this months utility bill. December 31 The company paid $920 cash in dividends to the owner (sole shareholder). Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Note: Enter reductions to account balances with a minus sign.
image text in transcribed

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

Fundamental Accounting Principles

Authors: John Wild, Ken Shaw, Barbara Chiappetta

22nd edition

9781259566905, 978-0-07-76328, 77862279, 1259566900, 0-07-763289-3, 978-0077862275

More Books

Students also viewed these Accounting questions