December 1 December 2 December 3 Sanyu Sony transferred $65,000 cash from a personal sav name of Sony Electric. The company paid $1,000 cash for the December rent. The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $800 cash. December 6 The company completed electrical work and immediately collected $1,200 cash for these services. December 8 The company purchased $2,530 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 $350 of supplies on credit. December 20 The company paid $2,530 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 $5,000 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,400 cash for this month. December 30 The company paid $540 cash for this month's utility bill. December 31 Sanyu Sony withdrew $950 cash from the company for personal use. 2-a. Prepare the income statement for the current month. 2-b. Prepare the statement of owner's equity for the current month. 2-c. Prepare the balance sheet as of the end of the month. 3. Prepare the statement of cash flows for the current month.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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December 1
December 2
December 3
December 5
The company purchased supplies by paying $800 cash.
December 6 The company completed electrical work and immediately collected $1,200 cash for these services.
December 8 The company purchased $2,530 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 $350 of supplies on credit.
December 20 The company paid $2,530 cash for the office equipment purchased on December 8.
Sanyu Sony transferred $65,000 cash from a personal savings
name of Sony Electric.
The company paid $1,000 cash for the December rent.
The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to pay
the $8,200 balance in 30 days.
December 24 The company billed a client $900 for electrical work completed; the balance is due in 30 days.
December 28 The company received $5,000 cash for the work completed on December 15.
December 29 The company paid the assistant's salary of $1,400 cash for this month.
December 30 The company paid $540 cash for this month's utility bill.
December 31 Sanyu Sony withdrew $950 cash from the company for personal use.
2-a. Prepare the income statement for the current month.
2-b. Prepare the statement of owner's equity for the current month.
2-c. Prepare the balance sheet as of the end of the month.
3. Prepare the statement of cash flows for the current month.
Complete this question by entering your answers in the tabs below.
Required 2A
Required 2B
Cash
Supplies
Accounts receivable
Total assets
Prepare the balance sheet as of the end of the month.
Required 2C Required 3
Assets
$
SONY ELECTRIC
Balance Sheet
December 31
+
Liabilities
Accounts payable
Consulting services revenue
Equity
S. Sony, Capital
0 Total liabilities and equity
56,530
$ 56,530
Transcribed Image Text:December 1 December 2 December 3 December 5 The company purchased supplies by paying $800 cash. December 6 The company completed electrical work and immediately collected $1,200 cash for these services. December 8 The company purchased $2,530 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 $350 of supplies on credit. December 20 The company paid $2,530 cash for the office equipment purchased on December 8. Sanyu Sony transferred $65,000 cash from a personal savings name of Sony Electric. The company paid $1,000 cash for the December rent. The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to pay the $8,200 balance in 30 days. December 24 The company billed a client $900 for electrical work completed; the balance is due in 30 days. December 28 The company received $5,000 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,400 cash for this month. December 30 The company paid $540 cash for this month's utility bill. December 31 Sanyu Sony withdrew $950 cash from the company for personal use. 2-a. Prepare the income statement for the current month. 2-b. Prepare the statement of owner's equity for the current month. 2-c. Prepare the balance sheet as of the end of the month. 3. Prepare the statement of cash flows for the current month. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Cash Supplies Accounts receivable Total assets Prepare the balance sheet as of the end of the month. Required 2C Required 3 Assets $ SONY ELECTRIC Balance Sheet December 31 + Liabilities Accounts payable Consulting services revenue Equity S. Sony, Capital 0 Total liabilities and equity 56,530 $ 56,530
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