Question

Required information Problem 1-9A Analyzing transactions and preparing financial statements LO C4, 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 $67,500 cash from a personal savings account to a checking account in the name of Sony Electric 2 The company rented office space and paid $2,000 cash for the December rent. 3 The company purchased $14,800 of electrical equipment by paying $6,600 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased office supplies by paying $800 cash. 6 The company completed electrical work and immediately collected $1,100 cash for these services. 8 The company purchased $2,800 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $4,500. 18 The company purchased $430 of office supplies on credit. 20 The company paid $2,800 cash for the office equipment purchased on December 8. 24 The company billed a client $1,000 for electrical work completed; the balance is due in 30 days. 28 The company received $4,500 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,700 cash for this month. 30 The company paid $570 cash for this month's utility bill. 31 Sanyu Sony withdrew $910 cash from the company for personal use.

Answer 1

Date Assets Liabilities Owners' Equity Dec. Cash + Accounts Receivable + Office Supplies + Office Equipment Electrical Equipment Accounts Payable + S.Sony, Capital S.Sony, Withdrawal + Revenue - bent Expenses $0 $0 $0 + + $0 - - 1) 2) + + $0 $0 + + $0 $0 $0 + + = + + + + + $0 $0 + $67,500 $0 $67,500 $0 $0 $0 $8,200 $8,200 $0 $0 $0 + + + $0 . + $o $2,000 $2,000 $0 $2,000 + $o + + + + 3) Bal. + + $0 + + + $67,500 + $14,800 $14,800 $0 $14,800 $0 $0 $0 5) $0 $800 $800 $0 + $0 + + + + + $0 Bal. + + + + + $67,500 $0 $2,000 SO + $0 $o + $0 $o + + $0 + + + Bal. $67,500 $2,000 $65,500 $6,600 $58,900 $800 $58,100 $1,100 $59,200 $0 $59,200 $0 $59,200 $0 $59,200 $2,800 $56,400 + + + + + + + + $2,000 + + $0 $2,800 $2,800 $14,800 $0 $14,800 + = + So + $67,500 $0 $67,500 $0 + + + + + + + $2,000 $0 $0 + $1,100 $1,100 $0 $1,100 $4,500 $5,600 $0 $5,600 $o $0 + + + + $8,200 $0 $8,200 $2,800 $11,000 $0 $11,000 $430 $11,430 $2,800 $8,630 $0 $0 SO $0 $4,500 $4,500 $0 $4,500 $0 $4,500 + $0 + $800 $0 $800 $0 $800 $430 $1,230 $0 $1,230 + + Bal. 15) Bal. 18) Bal. 20) Bal. $2,800 + $14,800 + + $0 $67,500 $0 $67,500 $0 $0 + + + + + + $2,000 $0 $2,000 + + go + $14,800 + = + + $0 SO $2,800 $0 $2,800 SO + + + + + + $o + $0 $0 + + + $14,800 = $67,500 + $5,600 + $2,000

+ = + + + - - $0 $1,230 + + $0 $8,630 $0 $67,500 $1,000 $6,600 $0 $2,000 + + + 24) Bal. 28) Bal. 29) + + + + $1,000 $5,500 -$4,500 $1,000 $0 $0 + + $0 $O + + + $0 + + + $8,630 + $0 + + $1,230 $0 $1,230 + + $0 + $0 $56,400 $4,500 $60,900 $1,700 $59,200 $570 $58,630 $910 $57,720 + $0 $2,800 $0 $2,800 $0 $2,800 $0 $2,800 $0 $2,800 $0 $14,800 $0 $14,800 $0 $14,800 $0 $14,800 $0 $14,800 $67,500 $0 $67,500 $0 $0 $0 $0 $0 $0 $0 $0 $910 $910 + $1,000 + + + + $0 $2,000 $1,700 $3,700 $570 $4,270 $0 + $0 + + $6,600 $0 $6,600 $0 $6,600 $0 $6,600 + + + $1,230 + + = $8,630 $0 $8,630 $0 $8,630 30) Bal. 31 Bal. - + + + $1,000 SO $1,000 + + + + + + + $0 $67,500 $0 $67,500 + + + - - - + + $0 $1,230 = - $4,270 + +