Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. December 1

Required information [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 $68,200 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 $1,300 cash for the December rent. December 3 The company purchased $14,000 of electrical equipment by paying $5,800 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 $1,900 cash for these services. December 8 The company purchased $2,910 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $5,600. December 18 The company purchased $410 of supplies on credit. December 20 The company paid $2,910 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 $5,600 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,500 cash for this month. December 30 The company paid $520 cash for this month's utility bill. December 31 The company paid $970 cash in dividends to the owner (sole shareholder). Bal Assets Liabilities Accounts Date Cash Receivable Office Supplies Office Electrical Equipment Equipment Accounts Payable 5. Sony, Capital Dec 1 2 Bal 0- 01- 0+ 0+ 0 37 . Bal 0- 0 0- = 0- 01- 5 . " + - Bal 0- 0 0- 0 . 0= 0- ol- 6 . Bal 0- 0 . 0- . 0- + 0- 5. Sony, Withdrawals Equity Revenues Expenses 0- 0- 0+ 0- 0 . 0 0- 0 . 0 . 0 . 0 . 0 0+ 0- 0 . 0- 0 . = . 0 . 0= 01- 0. 0- 0 + 15 . Bal 0. 0- 0 + 01- 01= 0- 0- 0- 0- 0 18 . Bal 0- 0 0+ 01 0+ 01- 0 0 20 . " Bal 01- 0 01+ 0 0- 01- 0 0- 0 24 . Bal 01- 0 0- 01 0- 01- 0 0- 0 28 . . Bal 0- 0 20 Bal 0- 0- 01- . 0- . 0 0- 01- 0 . 0- 0 . . 01- 0= 0- - 01- 0- 0 30 . Bal 0. 0 . 0 . . 0 0- 0- 0 31 Bal $ $ $ 01+ $ $ $ 01. $ 0 $ $ 0

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 Information Analysis 2e

Authors: Philip ORegan

2nd Edition

0470865725, 978-0470865729

More Books

Students also viewed these Accounting questions