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 $68,400 cash from a personal savings account to a checking account in the name of Sony Electric. 2 The company rented office space and paid $1,700 cash for the December rent. 3 The company purchased $13,700 of electrical equipment by paying $5,500 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased office supplies by paying $900 cash. 6 The company completed electrical work and immediately collected $1,600 cash for these services. 8 The company purchased $2,910 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5,500. 18 The company purchased $330 of office supplies on credit. 20 The company paid $2,910 cash for the office equipment purchased on December 8. 24 The company billed a client $800 for electrical work completed; the balance is due in 30 days. 28 The company received $5,500 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,400 cash for this month. 30 The company paid $540 cash for this month's utility bill. 31 Sanyu Sony withdrew $990 cash from the company for personal use. Problem 1-9A Part 1 Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Enter reductions to accounting balances with a minus sign.) Assets Office Supplies Accounts Receivable Date Liabilities Accounts Payable Cash Office Equipment Electrical Equipment Equity S. Sony, + Revenues Withdrawals S. Sony, Capital + Expenses Dec. 1 2. + + + Bal. 0 + ol + ol + o + 0 = ol + ol- 0- 0 0 + + + 3 + + Bal 0 + 0 + 01 + 0 + 0 = 01 + + 0 - 0-1 0 5 + + ol + 0 + + 01 + Bal. . 0 + 0 + 0 + + 0 0 0 + o- 01 - 0 6 + Bal. 0 + o + 0 = 0 0 + 01 - 01 + 0 0 - 0 0 + + 0 0 + + 8 + Bal 0 + 0 + 01 + 0 = 01 + + 0 - 0-1 0 15 0 + + 0 0 + 0 + + 0 + + 01 + Bal. * 0 + 0 + 0 = 0 ol + 0 - 01 - 0 18 + + + + + + + Bal. 0 + 0 + 01 + 0 = 01 - 0 - 0 0 + + 0 + + 20 + + 0 + + 01 + + Bal 0 + ol + 01 + 0 01 = 0 - 0-1 0 24 0 + 0 + 0 + + 0+ 0 + + 0 + Bal 0 + 01 + 0- 0 + 0 - 0-1 0 28 + + Bal. 0 0 + 0 + 01 + + 0 + 0 0 = 01 + 0 - 0 + 0-1 0 29 + + + + + Bal. 01 + 0 + 0 + 01 + 01 = = 0 01 + 0-| 0 0 + + 30 + + + + Bal ol + 0 0 + 0 + 0 0 0 + 0 01 + 0 0 + 01 + + + ol + $ 31 + + + Bal. $ 0 + $ 0 0 + $ 0 + $ 0 - $ 01 + $ 0-S 0 + $ 0 - $ 0

Answer 1

Assets Liabilities Equity Accounts Accounts Date Cash + + Office Supplies + Electrical Equipment Office + Equipment = + S. Sony Capital S. Sony + Withdrawls Revenue Expense Receivable Payable Dec. 1 + + + + $68,400 + 2 + + + + $1,700 $1,700 Bal. $0 + $0 + $0 + $68,400 $0 + $0 3 + + + $0 $13,700 $13,700 = $68,400 + ($1,700) + $66,700 + ($5,500) + $61,200 + ($900) + $60,300 + $1,600 + $61,900 + $0 + $8,200 + $8,200 + + Bal. $0 + $0 + $68,400 $0 + $0 $1,700 5 + $0 + $900 + $900 + + + + Bal. $0 + $13,700 = $68,400 $0 + $1,700 6 + + + Bal. $0 $1,600 $1,600 $0 + $0 + + $0 + $2,910 + $2,910 + $900 + $8,200 + + $8,200 + $2,910 + $11,110 + $13,700 = $68,400 $0 + $1,700 8 + + + = + Bal. $61,900 + $900 + $13,700 $68,400 $0 + $1,700 15 + $0 + $5,500 + $5,500 + + + + + $1,600 $5,500 $7,100 Bal. $61,900 + $2,910 + $13,700 $68,400 $0 + $1,700 18 + + $900 + $330 + $1,230 + + + Bal. $5,500 + $2,910 + $13,700 = $11,110 + $330 + $11,440 + ($2,910) + $8,530 + $68,400 $0 + $7,100 $1,700 20 + + + + Bal. $2,910 + $13,700 $68,400 $0 + $1,700 24 + + + $1,230 + + $1,230 + + $5,500 + $800 + $6,300 + ($5,500) + $800 + $7,100 $800 $7,900 Bal. $2,910 + $13,700 $8,530 + $68,400 $1,700 $0 + + 28 + + $61,900 + ($2,910) + $58,990 + + $58,990 + $5,500 + $64,490 + ($1,400) + $63,090 + ($540) + $62,550 + ($990) + $61,560 + Bal. $1,230 + $2,910 + $13,700 = $68,400 $7,900 $0 + + 29 + + $8,530 + + $8,530 + + Bal. $800 + $1,230 + $2,910 + $13,700 = $68,400 $7,900 $1,700 $1,400 $3,100 $540 $3,640 30 + + + + Bal. $800 + $2,910 + $13,700 = $8,530 + $68,400 $0 + + $0 + $990 + $990 + $7,900 31 $1,230 + + $1,230 + + + + Bal. $800 + $2,910 + $13,700 = $8,530 + $68,400 $7,900 $3,640

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