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 transactions during

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 $67,100 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 $1,100 cash for the December rent.
December 3 The company purchased $14,200 of electrical equipment by paying $6,000 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 $1,500 cash for these services.
December 8 The company purchased $2,940 of office equipment on credit.
December 15 The company completed electrical work on credit in the amount of $6,600.
December 18 The company purchased $420 of supplies on credit.
December 20 The company paid $2,940 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 $6,600 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 $560 cash for this months utility bill.
December 31 The company paid $990 cash in dividends to the owner (sole shareholder).

Required:

1. Enter the amount of each transaction on individual items of the accounting equation.

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

13th Edition

9780470374948, 470423684, 470374942, 978-0470423684

More Books

Students also viewed these Accounting questions

Question

Explain Computer Network Types.

Answered: 1 week ago

Question

6 When might refinancing a mortgage be advisable?

Answered: 1 week ago

Question

Would another approach to the decision have worked better?

Answered: 1 week ago