Required information Problem 1-9 A Analyzing transactions and preparing financial statements LO C4, P1, P2 [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 $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 $1,500 cash for the December rent. 3 The company purchased $13, 100 of electrical equipment by paying $4,900 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 $1,400 cash for these services. 8 The company purchased $2,630 of office equipment on credit. edit in the amount of $6,200 18 The company purchased $320 of office supplies on credit. 20 The company paid $2,630 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 $6,200 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,500 cash for this month. 30 The company paid $520 cash for this month' s utility bill. 31 Sanyu Sony withdrew $940 cash from the company for personal use. Problem 1-9 A Part 1 Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Enter reductions to accounting balances with a minus sign.) Answer is complete but not entirely correct. Assets Office Accounts Receivable Equity + Liabilities Accounts Payable Office Equipment Electrical Equipment S. Sony, Withdrawals Supplies Revenues S. Sony, Capital $ 67,000 X Date Dec. Expenses - 1 - + + (1,500) (1,500) Bal. 67,000 + Cash $ 67,000 X (1,500) 65,500 (4,900) 60,600 (1,000) 59,600 1,400 61,000 13,100 13,100 8,200 8,200 Bal. 0 67,000 (1,500) 5 + 1,000 1,000 Bal. 8,200 + 67,000 (1,500) 13,100 13,100 X 26,200 1,400 1,400 0 + 1.000 + 67,000 (1,500) 2,630 2,630 8,200 2,630 10,830 Bal. 61.000 0 1,000 26,200 67.000 - (1,500) 6,200 6,200 1,400 6,200 7,600 Bal. 61,000 2,630 + 26.200 67,000 - (1,500) 1,000 320 1,320 + + + Bal. 6,200 2,630 26,200 10,830 320 11,150 (2,630) 8,520 67,000 7,600 61,000 (2,630) 58,370 (1,500) + Bal. 1,320 2,630 26,200 67,000 6,200 800 HARRIERE (1,500) 7,600 800 8,400 Bal. 58,370 7.000 1,320 2.630 26,200 8,520 67,000 (1,500) 28 6,200 X 13,200 Bal. 1,320 2,630 26,200 8,520 + 67,000 8,400 + + + + Bal. 13,200 1,320 2,630 26,200 8,520 67,000 6,200 64,570 (1,500) 63,070 (520) 62,550 (940) $ 61,610 8,400 (1,500) (1,500) (3.000) (520) (3,520) Bal. 13,200 1,320 2,630 26,200 8,520 67,000 8,400 - + + (940) (940) + + Bal. $ 13,200 + $ 1,320 + $ 2,630 + $ 26,200 = $ 8,520 + $ 67,000 - $ 8,400 - $ (3,520)