Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony...
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Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $68,700 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 $1,600 cash for the December rent. December 3 The company purchased $13,300 of electrical equipment by paying $5,100 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 $1,300 cash for these services. December 8 The company purchased $2,950 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $5,800. December 18 The company purchased $430 of supplies on credit. December 20 The company paid $2,950 cash for the office equipment purchased on December 8. December 24 The company billed a client $900 for electrical work completed; the balance is due in 30 days. December 28 The company received $5,800 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,800 cash for this month. December 30 The company paid $540 cash for this month's utility bill. December 31 The company paid $960 cash in dividends to the owner (sole shareholder). Problem 1-9A (Algo) Part 1 Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $68,700 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 $1,600 cash for the December rent. December 3 The company purchased $13,300 of electrical equipment by paying $5,100 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 $1,300 cash for these services. December 8 The company purchased $2,950 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $5,800. December 18 The company purchased $430 of supplies on credit. December 20 The company paid $2,950 cash for the office equipment purchased on December 8. December 24 The company billed a client $900 for electrical work completed; the balance is due in 30 days. December 28 The company received $5,800 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,800 cash for this month. December 30 The company paid $540 cash for this month's utility bill. December 31 The company paid $960 cash in dividends to the owner (sole shareholder). Problem 1-9A (Algo) Part 1 Required: 1. Enter the amount of each transaction on individual items of the accounting equation.
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The accounting equation states that Assets Liabilities Equity and it must always remain balanced When entering the amount of each transaction on individual items of the accounting equation we must con... View the full answer
Related Book For
Principles of Financial Accounting chapters 1-17
ISBN: 978-1259687747
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
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