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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
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 $64,700 cash from a personal savings account to a 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 3. The company purchased $14,800 of electrical equipment by paying 56,600 cash and agreeing to pay the $8,200 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 8 The company purchased $2,100 of office equipment on credit 15 The company completed electrical work on credit in the mount of $6.300 18 The company purchased $420 of office supplies on credit. 20 The company paid $2,300 cash for the office equipient purchased on December 3 24 The company billed client $800 for electrical work completed; the balance is due in 30 days. 28 The company received $6,300 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,900 cash for this month 30 The company paid $590 cash for this month's utility bill 31 The company paid $900 cash in dividends to the owner (sole shareholder) Required: 1. Enter the amount of each transaction on individual items of the accounting equation (Enter reductions to accounting balances with minus sign) Dato Cash Accounts Redulvable ASOS Ofico Supplies Office Lquipment Electrical Equipment Liabilities Accounts Payable Common Stock Equity Dlvklands Revenue Dec 2 Bal 0 0 + Bal 0+ 0 01 0 0 ol 0 5 + + Bal 0+ 0 01 0+ 0 0 01 6 + + Bal 0 ---+- 0+ 0 0 0 - 0 0+ 0 B + + Bal 0 0 0 - 0 0 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 $64,700 cash from a personal savings account to a 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. 3 The company purchased $14,800 of electrical equipment by paying $6,680 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased office supplies by paying $800 cash. 6 The company completed electrical work and immediately collected $1,200 cash for these services, 8 The company purchased $2,800 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $6,308. 18 The company purchased $420 of office supplies on credit. 20 The company paid $2,800 cash for the office equipment purchased on December 8. 24 The company billed a client $200 for electrical work completed; the balance is due in 30 days, 28 The company received $6,300 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,900 cash for this month. 30 The company paid $590 cash for this month's utility bill. 31 The company paid $900 cash in dividends to the owner (sole shareholder) 2.1. Prepare an income statement for the current month. SONY ELECTRIC Income Statement For Month Ended December 31 Revenues Expenses Total expenses 0 $ 0 2.2. Prepare a statement of retained earnings for the current month SONY ELECTRIC Statement of Retained Eamings For Month Ended December 31 Retained earnings, December 1 0 40 0 Retained earnings, December 31 $ 0 2.3. Prepare a balance sheet as of the end of the month SONY ELECTRIC Balance Sheet December 31 Assets Liabilities Equity 0 Total equity Total liabilities and equity Total assets $ 0 3. Prepare a statement of cash flows for the current month (Cash outflows should be indicated with a minus sign.) SONY ELECTRIC Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities $ 0 Cash flows from investing activities 0 Cash flows faran financing activities 0 S 0 Cash balance, Dec 1 Cash balance Dec 31 0 0
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