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. 1

image 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 Sony Sony transferred $64,700 cash from a personal savings account to checking account in the name of Sony Electric in exchange for its common stock. 2. The company rented office space and paid $1,500 cash for the December rent The company purchased $14,800 of electrical equipment by paying $6,600 cash and agreeing to pay the 58,200 balance in 30 days. 5 The company purchased office supplies by paying $800 cash 6 The company completed electrical work and mediately collected $1,200 cash for these services 11 The company purchased $2.000 of office equipment on credit. 15. The company completed electrical work on credit in the mount of $6,500 18 The company purchased 5420 of office supplies on credit 20 The company pold $2,000 cash for the office equipment purchased on December 24 The company billed a client 5800 for electrical work completed the balance is due in 30 days 28 The company received 56,00 cash for the work completed on December 15. 20. The company paid the assistant's salary of $1,500 cash for this month. 30 The company paid $590 cash for this month's utility bill 53 The company paid $900 cash in dividends to the owiter (sole shareholder) Required: 1. Enter the amount of each transaction on individual items of the accounting equation (Enter reductions to accounting balances with o minus sign) Assets Office Supplies Accounts Receivable Datu Liabilities Accounts Payable Office Equipment Cast Electrical Equipment Equity Dividende Roventos - Expenses Common Stock Dec - + . BA 0 O 0 0 0 0. 0 0 Bal + 0+ D 0 + Ol 0- 0 0 5 - + + 0 0+ 0 + o- O + D 6 Bal 0 0 ol 0 0 0- 0 0 3 + - + 0 + + DI 0 Bol 0 0 01

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_2

Step: 3

blur-text-image_3

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

Risk Management In Organisations An Integrated Case Study Approach

Authors: Margaret Woods

2nd Edition

1138632333, 9781138632332

More Books

Students also viewed these Accounting questions