70.2K

Verified Solution

Link Copied!

Required information Skip to question [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 $64,300 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 $1,500 cash for the December rent. December 3 The company purchased $14,900 of electrical equipment by paying $6,700 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 $1,900 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 $6,700. December 18 The company purchased $350 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 $800 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 assistants salary of $1,800 cash for this month. December 30 The company paid $600 cash for this months utility bill. December 31 The company paid $920 cash in dividends to the owner (sole shareholder). Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Note: Enter reductions to account balances with a minus sign.

Answer & Explanation Solved by verified expert

See Answer