Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $67,600 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 $1,700 cash for the December rent. December 3 The company purchased $14,100 of electrical equipment by paying $5,900 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 $2,760 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $6,700. December 18 The company purchased $310 of supplies on credit. December 20 The company paid $2,760 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 $6,700 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,700 cash for this month. December 30 The company paid $510 cash for this month's utility bill. December 31 The company paid $930 cash in dividends to the owner (sole shareholder)..

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Sanyu Sony started a new business and completed these transactions during December.
December 1 Sanyu Sony transferred $67,600 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 $1,700 cash for the December rent.
December 3 The company purchased $14,100 of electrical equipment by paying $5,900 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 $2,760 of office equipment on credit.
December 15 The company completed electrical work on credit in the amount of $6,700.
December 18 The company purchased $310 of supplies on credit.
December 20 The company paid $2,760 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 $6,700 cash for the work completed on December 15.
December 29 The company paid the assistant's salary of $1,700 cash for this month.
December 30 The company paid $510 cash for this month's utility bill.
December 31 The company paid $930 cash in dividends to the owner (sole shareholder)..
Transcribed Image Text:Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $67,600 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 $1,700 cash for the December rent. December 3 The company purchased $14,100 of electrical equipment by paying $5,900 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 $2,760 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $6,700. December 18 The company purchased $310 of supplies on credit. December 20 The company paid $2,760 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 $6,700 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,700 cash for this month. December 30 The company paid $510 cash for this month's utility bill. December 31 The company paid $930 cash in dividends to the owner (sole shareholder)..
Prepare the statement of retained earnings for the current month.
SONY ELECTRIC
Statement of Retained Earnings
For Month Ended December 31
$
Retained earnings, December 1
Retained earnings, December 31
$
0
0
0
Transcribed Image Text:Prepare the statement of retained earnings for the current month. SONY ELECTRIC Statement of Retained Earnings For Month Ended December 31 $ Retained earnings, December 1 Retained earnings, December 31 $ 0 0 0
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