Alan Marshall is preparing his balance sheet and income statement for the month ended May 31, 2019. Use the following information to help him prepare his financial statements. Opening Balances-May 1, 2019 Cash $8,500 Contents of Home $900 Automobile $22,700 House $289,800 Unpaid Accounts $7,700 Auto Loan $152,000 Net Worth $162,200 The following transactions occurred during the month of May. 1. Deposited $6,800 salaries earned during the month. 2. Purchased new jewellry worth $900 using a credit card 3. Paid credit card bill with $4,600 cash. 4. Paid travel bills of $600 for the month of May using a credit card. 5. Purchased gas for $2,700 using cash. 6. Made a principal payment of $1,200 on the automobile loan. 7 Paid May's rent of $1,100 with cash. age Required a) Using the information provided, record the opening balances in the T-accounts. b) Record the transactions for the month of May in the T-accounts. Personal Balance Sheet As at May 31, 2019 Assets (what we OWN) Liabilities (what we OWE) Increase Decrease Decrease Increase Cash Unpaid Accounts Opening: $ Opening: $ Transaction #1 Transaction #2 Transaction #1 Transaction #2 Transaction # 3 Transaction # 3 Transaction #4 Transaction #4 Transaction #5 Transaction #5 Transaction #6 Transaction #6 Transaction #7 Transaction #7 English Contents of Home Opening: $ Transaction #1 Transaction #2 Transaction #1 Transaction #2 Transaction #3 Transaction #3 Transaction #4 Transaction #4 Transaction #5 Transaction #5 Transaction #6 Transaction #6 Transaction #7 Ending: $ Increase. Decrease Transaction #7 Auto Loan Opening: $ Ending: $ Opening: $ Transaction #1 Transaction #2 Transaction #3 Transaction #4 Transaction #5 Transaction #6 Transaction #7 Ending: $ Automobile English Net Worth $ Personal Income Statement For the Month Ended May 31, 2019 REVENUE Decrease- Increase + Revenue Transaction #1 Transaction #2 Transaction # 3 Transaction #4 Transaction #5 Transaction #6 Transaction #7 Ending: $ En House Opening: $ Transaction #1 Transaction #2 Transaction # 1 Transaction # 2 Transaction #3 Transaction # 3 Transaction #4 Transaction #4 Transaction #5 Transaction #5 Transaction #6 Transaction #6 Transaction #7 Transaction #7 Ending: $ Total Assets Total Liabilities $ Net Worth Opening: $ Ending: $ En Net Worth $ Personal Income Statement For the Month Ended May 31, 2019 REVENUE Decrease- Increase + Revenue Transaction #1 Transaction #2 Transaction # 3 Transaction # 4 Transaction #5 Transaction #6 Transaction #7 Ending: S En Increase Decrease Entertainment Transaction #1 Transaction #2 minus Expenses Increase Decrease Gas Transaction # 1 Transaction # 2 Transaction # 3 Transaction # 3 Transaction # 4 Transaction # 4 Transaction #5 Transaction #5 Transaction #6 Transaction #6 Transaction #7 Ending: $ Increase Decrease Transaction #7 Ending: $ Increase Decrease Increase Transaction #1 600 Transaction # 2 Decrease Travel Increase Decrease Rent Transaction #1 Transaction # 2 Transaction #3 Transaction # 3 Transaction # 4 Transaction # 4 Transaction #5 Transaction #5 Transaction #6 Transaction #6 Transaction #7 Ending: $ Transaction #7 Ending: $ Total Revenue Total Expenses Surnine Infinies ansaction # 2 Transaction # 2 ansaction # 3 Transaction # 3 Transaction # 4 Transaction #4 Transaction #5 Transaction #5 Transaction #6 Transaction #6 Transaction #7 Transaction #7 Ending: $ Ending: $ Total Revenue Total Expenses Surplus (Deficit)