- Required Information Problem 1 9a Algo Analyzing Transactions And Preparing Financial Statements Lo P1 P2 The Foll 1 (121.44 KiB) Viewed 37 times
! Required information Problem 1-9A (Algo) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $65, 700 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. 2 The
company paid $1,700 cash for the December rent. 3 The
company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to pay the $8,200 balance in 30 days. 5 The
company purchased supplies by paying $700 cash. 6 The
company completed electrical work and immediately collected $1,200 cash for these services. 8 The
company purchased $2,590 of office equipment on credit. 15 The
company completed electrical work on credit in the amount of $6, 600. 18 The
company purchased $470 of supplies on credit. 20 The
company paid $2,590 cash for the office equipment purchased on December 8. 24 The
company billed a client $900 for electrical work completed; the balance is due in 30 days. 28 The
company received $6,600 cash for the work completed on December 15. 29 The
company paid the assistant's salary of $1,800 cash for this month. 30 The
company paid $510 cash for this month's utility bill. 31 The
company paid $990 cash in dividends to the owner (sole shareholder).
Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Enter reductions to account balances with a minus sign.) Assets Equity Date Accounts Receivable + Liabilities Accounts Payable Office Equipment Electrical Equipment + Common Stock Dividends + Revenues Supplies Dec. 1 + 2 + Bal. + 3 + Bal. + 5 + Bal. + 6 + Bal. + 8 + Bal. + 15 + Bal. + 18 + Bal. + 20 + Cash +++ + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + = = = = = = = = = = = = = = = = + + + + + + + + + +++ + + + + + . ++++++ ++++++++++ Expenses
Bal. Bal. Bal. Bal. Bal. Bal. Bal. Bal. Bal. 8 15 18 20 24 28 29 30 31 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + ++++ + + + + + + + + + + + + + + = = = = = = = = = = = = = = = = ++++++++++ ++ + + + + + + + + + + + + + + + + +++ + ++++