Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Check my work Required information [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during
Check my work 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 $64,300 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 $1,100 cash for the December rent. 3 The company purchased $13,900 of electrical equipment by paying $5,700 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased office supplies by paying $900 cash. 6 The company completed electrical work and immediately collected $1,300 cash for these services. 8 The company purchased $2,500 of office equipment on credit. 15 The company completed electrica electrical work on credit in the amount of $5,500. 18 The company purchased $470 of office supplies on credit. 20 The company paid $2,500 cash for the office equipment purchased on December 8. 24 The company billed a client $800 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 assistant's salary of $1,700 cash for this month. 30 The company paid $580 cash for this month's utility bill. 31 The company paid $930 cash in dividends to the owner (sole shareholder). ces Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Enter reductions to accounting balances with a minus sign.) Expenses - Revenues Equity + Dividende Dividends + + + + + + + + + + + + + + + + + + + + + + + - Common Stock Liabilities Accounts Payable Electrical Equipment + + + + + + + + + + + + + + + + + Office Equipment + + + + + + + + + + + + + + + + + + + + + + + Assets Office Supplies + + + + + + + + + + + + + + + + + + + + + Accounts Receivable + Cash Date Dec. 11 Bal. Bal. Bal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started