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. Dec. 1 Sanyu Sony transferred $67,800 cash from a personal savings account to

Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $67,800 cash from a personal savings account to a checking account in the name of Sony Electric. 2 The company rented office space and paid $1,700 cash for the December rent. 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. 5 The company purchased office supplies by paying $1,000 cash. 6 The company completed electrical work and immediately collected $1,900 cash for these services. 8 The company purchased $2,770 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5,500. 18 The company purchased $490 of office supplies on credit. 20 The company paid $2,770 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 $5,500 cash for the work completed on December 15. 29 The company paid the assistants salary of $1,700 cash for this month. 30 The company paid $540 cash for this months utility bill. 31 Sanyu Sony withdrew $970 cash from the company for personal use. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Enter reductions to accounting balances with a minus sign.)

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

Auditing Derivative Strategies

Authors: Barbara Davison

1st Edition

0894134434, 978-0894134432

More Books

Students also viewed these Accounting questions

Question

1. Give extra points for correct and creative answers.

Answered: 1 week ago