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. Dec.

image text in transcribedimage text in transcribed

Required information [The following information applies to the questions displayed below] Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $67,300 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. Required: 2 The company rented office space and paid $1,500 cash for the December rent. 3. The company purchased $13,900 of electrical equipment by paying $5,700 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased office supplies by paying $900 cash. 6 The company completed electrical work and inmediately collected $1,100 cash for these services. 8 The company purchased $2,850 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $4,400. 18 The company purchased $360 of office supplies on credit. 20 The company paid $2,850 cash for the office equipment purchased on December 8. 24 The company billed a client $900 for electrical work completed; the balance is due in 30 days. 28 The company received $4,400 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,800 cash for this month. 30 The company paid $570 cash for this month's utility bill. 31 The company paid $970 cash in dividends to the owner (sole shareholder). 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 with AI-Powered 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

Business To Business Marketing

Authors: Ross Brennan , Louise Canning , Raymond McDowell

5th Edition

1526494396, 1529726174, 9781526494399, 9781529726176

Students also viewed these Accounting questions

Question

=+d) Which mutual fund would you invest in and why?

Answered: 1 week ago