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Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $65,100 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 $2,000 cash for the December rent. December 3 The company purchased $13,200 of electrical equipment by paying $5,000 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $1,000 cash. December 6 The company completed electrical work and immediately collected $1,500 cash for these services. December 8 The company purchased $2,620 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $6,500. December 18 The company purchased $320 of supplies on credit. December 20 The company paid $2,620 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 $6,500 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 $580 cash for this month's utility bill. December 31 The company paid $970 cash in dividends to the owner (sole shareholder).

Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $65,100 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 $2,000 cash for the December rent. December 3 The company purchased $13,200 of electrical equipment by paying $5,000 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $1,000 cash. December 6 The company completed electrical work and immediately collected $1,500 cash for these services. December 8 The company purchased $2,620 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $6,500. December 18 The company purchased $320 of supplies on credit. December 20 The company paid $2,620 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 $6,500 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 $580 cash for this month's utility bill. December 31 The company paid $970 cash in dividends to the owner (sole shareholder).

FINANCIAL ACCOUNTING
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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Sanyu Sony started a new business and completed these transactions during December.

Date December 1 December 2 Balance after December 1 and December 2 December 3 Balance after December 3 December 5 Balance after December 5 December 6 Balance after December 6 December 8 Balance after December 8 December 15 Balance after December 15 December 18 Balance after December 18 December 20 Balance after December 20 December 24 Balance after December 24 December 28 Balance after December 28 December 29 Balance after December 29 December 30 Balance after December 30 December 31 Balance after December 31 $ Cash 0 0 0 0 0 0 0 + 0 + 0 + 0 + 0 + + + + + + + + 0 + + + + 0 + + + + + + + Accounts Receivable $ + 0 + 0 + + 0 + + 0 + 0 + + + 0 + 0 + 0 + + 0 + + + + + 0 + 0 + + 0 + + 0 + + Assets Supplies $ 0 0 0 0 0 0 0 0 0 + 0 + 0 + + + + + + + + + + + + + + + 0 + + 0 + + + + + + + + Office Equipment $ 0 0 + + + + + + + 0 + 0 + 0 + + 0 + + 0 + + 0 + + 0 + + 0 + + + + 0 + + 0 + + 0 + Electrical Equipment $ 0 0 0 0 0 0 0 0 0 = 0 II || = 11 = = = || II || 0 = || = ||| || || 0 = Liabilities Accounts Payable $ 0 + + + 0 + 0 + 0 + 0 + 0 + 0 + 0 + 0 + + + 0 + + + + + 0 + + + + + 0 + + + + 0 + Common Stock $ 0 0 0 0 0 0 0 0 0 0 0 - - Dividends $ Equity 0 0 0 0 0 0 0 0 0 0 + Revenues 0 + 0 + + + + + + + + + + + + + + + + + + + + + + + + + 0 + $ 0 0 0 0 0 0 O O 0 0 0 0 0 I I I I I I Expenses $ 0 0 0 0 0 0 0 O 0 0 0 0 0
Transcribed Image Text:Date December 1 December 2 Balance after December 1 and December 2 December 3 Balance after December 3 December 5 Balance after December 5 December 6 Balance after December 6 December 8 Balance after December 8 December 15 Balance after December 15 December 18 Balance after December 18 December 20 Balance after December 20 December 24 Balance after December 24 December 28 Balance after December 28 December 29 Balance after December 29 December 30 Balance after December 30 December 31 Balance after December 31 $ Cash 0 0 0 0 0 0 0 + 0 + 0 + 0 + 0 + + + + + + + + 0 + + + + 0 + + + + + + + Accounts Receivable $ + 0 + 0 + + 0 + + 0 + 0 + + + 0 + 0 + 0 + + 0 + + + + + 0 + 0 + + 0 + + 0 + + Assets Supplies $ 0 0 0 0 0 0 0 0 0 + 0 + 0 + + + + + + + + + + + + + + + 0 + + 0 + + + + + + + + Office Equipment $ 0 0 + + + + + + + 0 + 0 + 0 + + 0 + + 0 + + 0 + + 0 + + 0 + + + + 0 + + 0 + + 0 + Electrical Equipment $ 0 0 0 0 0 0 0 0 0 = 0 II || = 11 = = = || II || 0 = || = ||| || || 0 = Liabilities Accounts Payable $ 0 + + + 0 + 0 + 0 + 0 + 0 + 0 + 0 + 0 + + + 0 + + + + + 0 + + + + + 0 + + + + 0 + Common Stock $ 0 0 0 0 0 0 0 0 0 0 0 - - Dividends $ Equity 0 0 0 0 0 0 0 0 0 0 + Revenues 0 + 0 + + + + + + + + + + + + + + + + + + + + + + + + + 0 + $ 0 0 0 0 0 0 O O 0 0 0 0 0 I I I I I I Expenses $ 0 0 0 0 0 0 0 O 0 0 0 0 0
Required information [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $65,100 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 $2,000 cash for the December rent. December 3 The company purchased $13,200 of electrical equipment by paying $5,000 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $1,000 cash. December 6 The company completed electrical work and immediately collected $1,500 cash for these services. December 8 The company purchased $2,620 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $6,500. December 18 The company purchased $320 of supplies on credit. December 20 The company paid $2,620 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 $6,500 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 $580 cash for this month's utility bill. December 31 The company paid $970 cash in dividends to the owner (sole shareholder).
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $65,100 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 $2,000 cash for the December rent. December 3 The company purchased $13,200 of electrical equipment by paying $5,000 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $1,000 cash. December 6 The company completed electrical work and immediately collected $1,500 cash for these services. December 8 The company purchased $2,620 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $6,500. December 18 The company purchased $320 of supplies on credit. December 20 The company paid $2,620 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 $6,500 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 $580 cash for this month's utility bill. December 31 The company paid $970 cash in dividends to the owner (sole shareholder).
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