36 Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $65,000 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. The company rented office space and paid $1,000 cash for the December rent. 2 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 office supplies by paying $800 cash. 6 The company completed electrical work and immediately collected $1,200 cash for these services. 8 The company purchased $2,530 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5,000. 18 20 24 28 The company purchased $350 of office supplies on credit. The company paid $2,530 cash for the office equipment purchased on December 8. The company billed a client $900 for electrical work completed; the balance is due in 30 days. The company received $5,000 cash for the work completed on December 15. 29 30 The company paid the assistant's salary of $1,400 cash for this month. The company paid $540 cash for this month's utility bill. 31 The company paid $950 cash in dividends to the owner (sole shareholder). Date Cash + Accounts Receivable Check (1) Ending balances Cash, $59.180, Accounts Nyahin, $8.550 2 Not incume. $4.160 lotal esset, $76,760 Chapter 1 Accounting in Business Required 1. Create the following table similar to the one in Exhibit 1.9. -Liabilities + Office Electrical Accounts Office Supplies Equipment Equipment Payable + Assets Common Stock Dividends Equity Problem 1-9A Analyzing transactions and preparing financial statements C4 P1 P2 T +Revenues Expenses Use additions and subtractions within the table to show the dollar effects of each transaction on indi- vidual items of the accounting equation. Show new balances after each transaction. 2. Prepare the income statement and the statement of retained earnings for the current month, and the balance sheet as of the end of the month. 3. Prepare the statement of cash flows for the current month.

36 Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $65,000 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. The company rented office space and paid $1,000 cash for the December rent. 2 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 office supplies by paying $800 cash. 6 The company completed electrical work and immediately collected $1,200 cash for these services. 8 The company purchased $2,530 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5,000. 18 20 24 28 The company purchased $350 of office supplies on credit. The company paid $2,530 cash for the office equipment purchased on December 8. The company billed a client $900 for electrical work completed; the balance is due in 30 days. The company received $5,000 cash for the work completed on December 15. 29 30 The company paid the assistant's salary of $1,400 cash for this month. The company paid $540 cash for this month's utility bill. 31 The company paid $950 cash in dividends to the owner (sole shareholder). Date Cash + Accounts Receivable Check (1) Ending balances Cash, $59.180, Accounts Nyahin, $8.550 2 Not incume. $4.160 lotal esset, $76,760 Chapter 1 Accounting in Business Required 1. Create the following table similar to the one in Exhibit 1.9. -Liabilities + Office Electrical Accounts Office Supplies Equipment Equipment Payable + Assets Common Stock Dividends Equity Problem 1-9A Analyzing transactions and preparing financial statements C4 P1 P2 T +Revenues Expenses Use additions and subtractions within the table to show the dollar effects of each transaction on indi- vidual items of the accounting equation. Show new balances after each transaction. 2. Prepare the income statement and the statement of retained earnings for the current month, and the balance sheet as of the end of the month. 3. Prepare the statement of cash flows for the current month.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...

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