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Problem 1-9A Analyzing transactions and preparing financial statements P1 P2 Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $65,000 cash from a personal savings account to a checking account in the name of Sony Electric. 2 The company paid $1,000 cash for the December rent. 3 The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased supplies by paying $800 cash. 6 The company completed electrical work and immediately collected $1,200 cash for these services. 8 The company purchased $2,530 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5,000. 18 The company purchased $350 of supplies on credit. 20 The company paid $2,530 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 $5,000 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 $540 cash for this month's utility bill. 31 Sanyu Sony withdrew $950 cash from the company for personal use. Page 35 Required 1. Create the following table similar to Exhibit 1.9. Use additions and subtractions within the table to show the dollar effects of each transaction on individual items of the accounting equation. Show new balances after each transaction. Assets = Liabilities + Date Cash + + Supplies + + Accounts Receivable Office Equipment Electrical Equipment = Accounts + Payable Check (1) Ending balances: Cash $59.180; Accounts Payable, $8,550 2. Prepare the income statement and the statement of owner's equity for the current month, and the balance sheet as of the end of the month. (2) Net income, $4,160: Total assets, $76,760