Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sanyu Sony started a new business and completed these transactions during December. Enter the amount of each transaction on individual items of the accounting equation.

Sanyu Sony started a new business and completed these transactions during December. Enter the amount of each transaction on individual items of the accounting equation.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Sanyu Sony started a new business and completed these transactions during December Dec. 1 Sanyu Sony transferred $69,600 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 $1,700 cash for the December rent. 3 The company purchased $13,600 of electrical equipment by paying $5,400 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 $1,800 cash for these services. 8 The company purchased $2,720 of office equipment on credit 15 The company completed electrical work on credit in the amount of $4,100. 18 The company purchased $460 of office supplies on credit 20 The company paid $2,720 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 $4,100 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,400 cash for this month 30 The company paid $570 cash for this month's utility bill. 31 The company paid $970 cash in dividends to the owner (sole shareholder) Equity Liabilities Accounts Payable Assets Common + Electrical Equipment Dividends Re Office Equipment Office Stock Date Cash upplies+ Receivable 69,600 Dec.11$ 69,600| + 69,600- 69,600| 69,600 69,600| Bal 69,600- Bal 69,600 Bal 6 69,600 - Bal 69,600 69,600 - Bal 69,600| 15 69,600- Bal 69,600 18 Assets Office Supplies Liabilities Equity Accounts Receivable Office Equipment Electrical Equipment Accounts Common Stock Dividends Revenues Expenses Payable + S 69,600 69,600- 69,600 - 69,600 69,600 69,600- 69,600 - 0 Bal 69.600+ 0 0 69.600 0 18 Bal. 69,600 + 0 69,600 20 Bal 69,600 + 0 69,600- 24 Bal 69,600 + 69.6001- 28 Bal 69,600 + 0 0 69,600- 29 Bal 69,600 + 69,600 - 30 Bal 69,600 + 69.6001- 3 Bal $ 69,600S 0 0+$ 69,600

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

Introduction To Management Accounting With Myaccountinglab And

Authors: Alnoor Bhimani, Charles T. Horngren, Gary L. Sundem, William O. Stratton, Jeff Schatzberg, Dave Burgstahler

1st Edition

1292178116, 978-1292178110

More Books

Students also viewed these Accounting questions