Financial Accounting: Information for Decisions
8th Edition
ISBN: 9781259533006
Author: John J Wild
Publisher: McGraw-Hill Education
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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 inthe name of Sony Electric.2 The company rented office space and paid $1,000 cash for the December rent.3 The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing topay 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 The company purchased $350 of office supplies on credit.20 The company paid $2,530 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 $5,000 cash for the work completed…
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 inthe name of Sony Electric.2 The company rented office space and paid $1,000 cash for the December rent.3 The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing topay 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 The company purchased $350 of office supplies on credit.20 The company paid $2,530 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 $5,000 cash for the work completed…
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Sanyu Sony started a new business and completed these transactions during December.
Dec. 1
2
3
5
6
8
15
18
20
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.
The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to
pay the $8,200 balance in 30 days.
The company purchased office supplies by paying $800 cash.
The company completed electrical work and immediately collected $1,200 cash for these services.
The company purchased $2,530 of office equipment on credit.
The company completed electrical work on credit in the amount of $5,000.
The company purchased $350 of office supplies on credit.
The company paid $2,530 cash for the office equipment purchased on December 8.
24
28
29
30
The company paid $540 cash for this month's utility bill.
31 The company paid $950 cash in…
Chapter 1 Solutions
Financial Accounting: Information for Decisions
Ch. 1 - Prob. 1DQCh. 1 - Technology is increasingly used to process...Ch. 1 - Identify four kinds of external users and describe...Ch. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQCh. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three types of services typically offered...Ch. 1 - Prob. 8DQCh. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?
Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - What does the concept of objectivity imply for...Ch. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Define (a) assets, (b) liabilities, (c) equity,...Ch. 1 - Prob. 18DQCh. 1 - Prob. 19DQCh. 1 - What do accountants mean by the term revenue?Ch. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 23DQCh. 1 - Prob. 24DQCh. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Define and explain return on assets.Ch. 1 - Define return and risk. Discuss the trade-off...Ch. 1 - Prob. 30DQCh. 1 - Prob. 31DQCh. 1 - Prob. 32DQCh. 1 - Prob. 33DQCh. 1 - Prob. 34DQCh. 1 - Choose from the following term or phrase a through...Ch. 1 - Prob. 2QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - Prob. 7QSCh. 1 - Applying the accounting equation A1 Use the...Ch. 1 - Prob. 9QSCh. 1 - Prob. 10QSCh. 1 - Prob. 11QSCh. 1 - Prob. 12QSCh. 1 - Prob. 13QSCh. 1 - Prob. 14QSCh. 1 - Prob. 15QSCh. 1 - Prob. 16QSCh. 1 - Prob. 1ECh. 1 - Identifying accounting users and uses C2 Part A....Ch. 1 - Prob. 3ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Determine the missing amount from each of the...Ch. 1 - Prob. 9ECh. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Prob. 14ECh. 1 - Prob. 15ECh. 1 - Use the information in Exercise 1-15 to prepare an...Ch. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Prob. 1PSACh. 1 - Prob. 2PSACh. 1 - Prob. 3PSACh. 1 - Prob. 4PSACh. 1 - Prob. 5PSACh. 1 - Prob. 6PSACh. 1 - Prob. 8PSACh. 1 - Prob. 9PSACh. 1 - Prob. 10PSACh. 1 - Prob. 11PSACh. 1 - Prob. 12PSACh. 1 - Prob. 13PSACh. 1 - Prob. 14PSACh. 1 - Prob. 1PSBCh. 1 - Prob. 3PSBCh. 1 - Prob. 4PSBCh. 1 - Prob. 5PSBCh. 1 - Prob. 6PSBCh. 1 - Prob. 7PSBCh. 1 - Prob. 8PSBCh. 1 - Prob. 9PSBCh. 1 - Prob. 10PSBCh. 1 - Prob. 11PSBCh. 1 - Prob. 12PSBCh. 1 - Prob. 13PSBCh. 1 - Prob. 14PSBCh. 1 - Prob. 1SPCh. 1 - Prob. 2BTNCh. 1 - Prob. 7BTNCh. 1 - Prob. 9BTN
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- 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 inthe name of Sony Electric.2 The company rented office space and paid $1,000 cash for the December rent.3 The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing topay 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 The company purchased $350 of office supplies on credit.20 The company paid $2,530 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 $5,000 cash for the work completed…arrow_forwardGreen Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company had the following transactions. 1. Issue 10,000 shares of common stock in exchange for $32,000 in cash. 2. Purchase land for $19,000. A note payable is signed for the full amount. 3. Purchase storage container equipment for $8,000 cash. 4. Hire three employees for $2,000 per month. 5. Receive cash of $12,000 in rental fees for the current month. 6. Purchase office supplies for $2,000 on account. 7. Pay employees $6,000 for the first month’s salaries. Required: For each transaction, describe the dual effect on the accounting equation. For example, in the first transaction, (1) assets increase and (2) stockholders’ equity increases.arrow_forwardSanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $66,000 cash from a personal savings account to a checking account in the name of Sony Electric. December 2 The company paid $1,500 cash for the December rent. December 3 The company purchased $13,400 of electrical equipment by paying $5,200 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $900 cash. December 6 The company completed electrical work and immediately collected $1,600 cash for these services. December 8 The company purchased $2,950 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $5,900. December 18 The company purchased $500 of supplies on credit. December 20 The company paid $2,950 cash for the office equipment purchased on December 8. December 24 The company billed a client $1,000 for electrical work completed; the…arrow_forward
- Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $66,000 cash from a personal savings account to a checking account in the name of Sony Electric. December 2 The company paid $1,500 cash for the December rent. December 3 The company purchased $13,400 of electrical equipment by paying $5,200 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $900 cash. December 6 The company completed electrical work and immediately collected $1,600 cash for these services. December 8 The company purchased $2,950 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $5,900. December 18 The company purchased $500 of supplies on credit. December 20 The company paid $2,950 cash for the office equipment purchased on December 8. December 24 The company billed a client $1,000 for electrical work completed; the…arrow_forwardHarris Welding Company had the following transactions for June. June 1 Tyler Harris invested $9550 cash in a small welding business June 2 Bought used welding equipment on account for $3050 June 5 Hired an employee to start work on July 15. Agreed on a salary of $3390 per month June 17 Billed P. White $2230 for welding work done. June 27 Received $1220 cash from P.White for work billed on June 17. For each transaction, indicate the basic type of account debited/credited, specific account debited/credited on the account and the amountarrow_forward1 Sanyu Sony transferred $65,300 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 $1,800 cash for the December rent. 3 The company purchased $14,200 of electrical equipment by paying $6,000 cash and agreeing to pay the $8,200 balance in 30 days. Dec.arrow_forward
- Harris Welding Company had the following transactions for June. June 1 Tyler Harris invested $9550 cash in a small welding business June 2 Bought used welding equipment on account for $3050 June 5 Hired an employee to start work on July 15. Agreed on a salary of $3390 per month June 17 Billed P. White $2230 for welding work done. June 27 Received $1220 cash from P.White for work billed on June 17. Journalize the transactionsarrow_forwardequired 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 $66,000 cash from a personal savings account to a checking account in the name of Sony Electric. December 2 The company paid $1,500 cash for the December rent. December 3 The company purchased $13,400 of electrical equipment by paying $5,200 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $900 cash. December 6 The company completed electrical work and immediately collected $1,600 cash for these services. December 8 The company purchased $2,950 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $5,900. December 18 The company purchased $500 of supplies on credit. December 20 The company paid $2,950 cash for the office equipment…arrow_forwardOn October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $880. 5 Earned sales commissions, receiving cash, $15,210. 6 Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510. 7 Paid office salaries, $2,300. 8 Determined that the cost of supplies used was $1,050. 9 Paid dividends, $2,900. 1. Journalize entries for transactions Oct. 1 through 9. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing…arrow_forward
- On October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $880. 5 Earned sales commissions, receiving cash, $15,210. 6 Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510. 7 Paid office salaries, $2,300. 8 Determined that the cost of supplies used was $1,050. 9 Paid dividends, $2,900. 2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance.arrow_forwardOn October 1, 20Y6, Jay Crowley established Affordable Realty, which completed the following transactions during the month: Oct. 1 Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,000. 2 Paid rent on office and equipment for the month, $3,050. 3 Purchased supplies on account, $2,250. 4 Paid creditor on account, $880. 5 Earned sales commissions, receiving cash, $15,210. 6 Paid automobile expenses (including rental charge) for month, $1,600, and miscellaneous expenses, $510. 7 Paid office salaries, $2,300. 8 Determined that the cost of supplies used was $1,050. 9 Paid dividends, $2,900. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for October. 5. Determine the increase or decrease in retained earnings for October.arrow_forwardrrent Attempt in Progress n providing accounting services to small businesses, you encounter the following situations. 1. 2. Lily Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $4,200 plus GST of $210 and PST of $336. (i) During the month of March, Bramble Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,050 for income taxes. (ii) Bramble's employer portions were $3,254 for CPP and $1,327 for El for the month. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)arrow_forward
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