Sunland Co. opened on July 1, 2020. On July 31, the statement of financial position showed Cash ¥5,500, Accounts Receivable ¥2,000, Supplies ¥500, Equipment ¥5,900, Accounts Payable ¥3,900, Share Capital-Ordinary ¥2,800, and Retained Earning of ¥7,200 (amounts in thousands). During August, the following transactions occurred. 1. 2. 3. 4. 5. 6. 7. 8. Collected ¥1,700 of accounts receivable. Paid ¥2,500 cash on accounts payable. Recognized revenue of ¥8,600, of which ¥2,400 is collected in cash and the balance is due in September. Purchased additional equipment for ¥1,700, paying ¥400 in cash and the balance on account. Paid salaries ¥2,500, rent for August ¥1,000, and advertising expenses ¥450. Declared and paid ¥1,000 dividend. Received ¥1,900 from Standard Bank-money borrowed on a note payable. Incurred utility expenses for month on account ¥330. Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets, Liabilities or Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1.9 for example.)
Sunland Co. opened on July 1, 2020. On July 31, the statement of financial position showed Cash ¥5,500, Accounts Receivable ¥2,000, Supplies ¥500, Equipment ¥5,900, Accounts Payable ¥3,900, Share Capital-Ordinary ¥2,800, and Retained Earning of ¥7,200 (amounts in thousands). During August, the following transactions occurred. 1. 2. 3. 4. 5. 6. 7. 8. Collected ¥1,700 of accounts receivable. Paid ¥2,500 cash on accounts payable. Recognized revenue of ¥8,600, of which ¥2,400 is collected in cash and the balance is due in September. Purchased additional equipment for ¥1,700, paying ¥400 in cash and the balance on account. Paid salaries ¥2,500, rent for August ¥1,000, and advertising expenses ¥450. Declared and paid ¥1,000 dividend. Received ¥1,900 from Standard Bank-money borrowed on a note payable. Incurred utility expenses for month on account ¥330. Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets, Liabilities or Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1.9 for example.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Sunland Co. opened on July 1, 2020. On July 31, the statement of financial position showed Cash ¥5,500, Accounts Receivable ¥2,000,
Supplies ¥500, Equipment ¥5,900, Accounts Payable ¥3,900, Share Capital-Ordinary ¥2,800, and Retained Earning of ¥7,200
(amounts in thousands). During August, the following transactions occurred.
1.
2.
3.
4.
5.
6.
7.
8.
Collected ¥1,700 of accounts receivable.
Paid ¥2,500 cash on accounts payable.
Recognized revenue of ¥8,600, of which ¥2,400 is collected in cash and the balance is due in September.
Purchased additional equipment for ¥1,700, paying ¥400 in cash and the balance on account.
Paid salaries ¥2,500, rent for August ¥1,000, and advertising expenses ¥450.
Declared and paid ¥1,000 dividend.
Received ¥1,900 from Standard Bank-money borrowed on a note payable.
Incurred utility expenses for month on account ¥330.
Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets,
Liabilities or Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item
that was reduced. See Illustration 1.9 for example.)
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