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Alan Marshall is preparing his balance sheet and income statement for the month ended May 3 1 , 2 0 1 9 . Use the
Alan Marshall is preparing his balance sheet and income statement for the month ended May Use the following information to help him prepare his financial statements.
Opening Balances May
Cash $
Contents of Home $
Automobile $
House $
Unpaid Accounts $
Auto Loan $
Net Worth $
The following transactions occurred during the month of May.
Deposited $ salaries earned during the month.
Purchased new jewellry worth $ using a credit card
Paid credit card bill with $ cash.
Paid travel bills of $ for the month of May using a credit card.
Purchased gas for $ using cash.
Made a principal payment of $ on the automobile loan.
Paid May's rent of $ with cash.
Do not enter dollar signs or commas in the input boxes.
Use the negative sign for a deficit.
The TAccount fields are labeled by transaction number. Record each transaction by entering the value into the corresponding TAccount field.
Required
a Using the information provided, record the opening balances in the Taccounts.
b Record the transactions for the month of May in the Taccounts.
Personal Balance Sheet
As at May
Assets what we OWN
Liabilities what we OWE
Increase Decrease Decrease Increase
Cash Unpaid Accounts
Opening: $Answer
Opening: $ Answer
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Ending: $ Answer
Ending: $ Answer
Increase Decrease Decrease Increase
Contents of Home Auto Loan
Opening: $Answer
Opening: $ Answer
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Ending: $ Answer
Ending: $ Answer
Increase Decrease
Automobile
Opening: $Answer
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Ending: $ Answer
Increase Decrease Decrease Increase
House Net Worth
Opening: $Answer
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Ending: $ Answer
Ending: $ Answer
Total Assets $ Answer
Total Liabilities $ Answer
Net Worth $ Answer
Personal Income Statement
For the Month Ended May
REVENUE
Decrease Increase
Revenue
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Ending: $ Answer
minus
Expenses
Increase Decrease Increase Decrease
Entertainment Gas
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Ending: $ Answer
Ending: $ Answer
Increase Decrease Increase Decrease
Travel Rent
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Ending: $ Answer
Ending: $ Answer
Total Revenue Answer
Total Expenses Answer
Surplus Deficit Answer
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