Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

[The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony

[The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $67,200 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. December 2 The company paid $1,200 cash for the December rent. December 3 The company purchased $14,300 of electrical equipment by paying $6,100 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $900 cash. December 6 The company completed electrical work and immediately collected $1,100 cash for these services. December 8 The company purchased $3,000 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $5,000. December 18 The company purchased $360 of supplies on credit. December 20 The company paid $3,000 cash for the office equipment purchased on December 8. December 24 The company billed a client $1,000 for electrical work completed; the balance is due in 30 days. December 28 The company received $5,000 cash for the work completed on December 15. December 29 The company paid the assistants salary of $1,900 cash for this month. December 30 The company paid $550 cash for this months utility bill. December 31 The company paid $970 cash in dividends to the owner (sole shareholder).

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

Income Tax Planning

Authors: Thomas P. Langdon, E. Vance Grange, Michael A. Dalton

5th Edition

1936602075, 978-1936602070

More Books

Students also viewed these Accounting questions