FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 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.
Do not enter dollar signs or commas in the input boxes.
Use the negative sign for a deficit.
The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the corresponding T-Account field.
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: $Answer
Opening: $ Answer
Transaction # 1 Answer
Answer
Transaction # 1 Answer
Answer
Transaction # 2 Answer
Answer
Transaction # 2 Answer
Answer
Transaction # 3 Answer
Answer
Transaction # 3 Answer
Answer
Transaction # 4 Answer
Answer
Transaction # 4 Answer
Answer
Transaction # 5 Answer
Answer
Transaction # 5 Answer
Answer
Transaction # 6 Answer
Answer
Transaction # 6 Answer
Answer
Transaction # 7 Answer
Answer
Transaction # 7 Answer
Answer
Ending: $ Answer
Ending: $ Answer
Increase Decrease Decrease Increase
Contents of Home Auto Loan
Opening: $Answer
Opening: $ Answer
Transaction # 1 Answer
Answer
Transaction # 1 Answer
Answer
Transaction # 2 Answer
Answer
Transaction # 2 Answer
Answer
Transaction # 3 Answer
Answer
Transaction # 3 Answer
Answer
Transaction # 4 Answer
Answer
Transaction # 4 Answer
Answer
Transaction # 5 Answer
Answer
Transaction # 5 Answer
Answer
Transaction # 6 Answer
Answer
Transaction # 6 Answer
Answer
Transaction # 7 Answer
Answer
Transaction # 7 Answer
Answer
Ending: $ Answer
Ending: $ Answer
Increase Decrease
Automobile
Opening: $Answer
Transaction # 1 Answer
Answer
Transaction # 2 Answer
Answer
Transaction # 3 Answer
Answer
Transaction # 4 Answer
Answer
Transaction # 5 Answer
Answer
Transaction # 6 Answer
Answer
Transaction # 7 Answer
Answer
Ending: $ Answer
Increase Decrease Decrease Increase
House Net Worth
Opening: $Answer
Opening: $ Answer
Transaction # 1 Answer
Answer
Transaction # 1 Answer
Answer
Transaction # 2 Answer
Answer
Transaction # 2 Answer
Answer
Transaction # 3 Answer
Answer
Transaction # 3 Answer
Answer
Transaction # 4 Answer
Answer
Transaction # 4 Answer
Answer
Transaction # 5 Answer
Answer
Transaction # 5 Answer
Answer
Transaction # 6 Answer
Answer
Transaction # 6 Answer
Answer
Transaction # 7 Answer
Answer
Transaction # 7 Answer
Answer
Ending: $ Answer
Ending: $ Answer
Total Assets $ Answer
Total Liabilities $ Answer
Net Worth $ Answer
Personal Income Statement
For the Month Ended May 31,2019
REVENUE
Decrease - Increase +
Revenue
Transaction # 1 Answer
Answer
Transaction # 2 Answer
Answer
Transaction # 3 Answer
Answer
Transaction # 4 Answer
Answer
Transaction # 5 Answer
Answer
Transaction # 6 Answer
Answer
Transaction # 7 Answer
Answer
Ending: $ Answer
minus
Expenses
Increase Decrease Increase Decrease
Entertainment Gas
Transaction # 1 Answer
Answer
Transaction # 1 Answer
Answer
Transaction # 2 Answer
Answer
Transaction # 2 Answer
Answer
Transaction # 3 Answer
Answer
Transaction # 3 Answer
Answer
Transaction # 4 Answer
Answer
Transaction # 4 Answer
Answer
Transaction # 5 Answer
Answer
Transaction # 5 Answer
Answer
Transaction # 6 Answer
Answer
Transaction # 6 Answer
Answer
Transaction # 7 Answer
Answer
Transaction # 7 Answer
Answer
Ending: $ Answer
Ending: $ Answer
Increase Decrease Increase Decrease
Travel Rent
Transaction # 1 Answer
Answer
Transaction # 1 Answer
Answer
Transaction # 2 Answer
Answer
Transaction # 2 Answer
Answer
Transaction # 3 Answer
Answer
Transaction # 3 Answer
Answer
Transaction # 4 Answer
Answer
Transaction # 4 Answer
Answer
Transaction # 5 Answer
Answer
Transaction # 5 Answer
Answer
Transaction # 6 Answer
Answer
Transaction # 6 Answer
Answer
Transaction # 7 Answer
Answer
Transaction # 7 Answer
Answer
Ending: $ Answer
Ending: $ Answer
Total Revenue Answer
Total Expenses Answer
Surplus (Deficit) Answer
Note: The "check" button does not submit your attempt.To submit the attempt, go to the end o

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cornerstones of Financial and Managerial Accounting

Cornerstones of Financial and Managerial Accounting

Authors: Rich Jones, Mowen, Hansen, Heitger

1st Edition

9780538751292, 324787359, 538751290, 978-0324787351

More Books

Students also viewed these Accounting questions

Question

★★★★★
A light bulb is warranted to last for 5,000 hours. If the time to failure is exponentially distributed with a true mean of 4,750 hours, what is the probability that it will last at least 5,000 hours?

Answered: 1 week ago

Question

★★★★★
On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,100 Accounts Receivable 50,200 Allowance for Uncollectible Accounts $...

Answered: 1 week ago

Question

★★★★★
=+appropriate leadership during a possible transitional period between an outgoing and incoming executive director?

Answered: 1 week ago

Question

★★★★★
An investment will pay $100 at the end of each of the next 3 years, $200 at the end of Year 4, $300 at the end of Year 5, and $500 at the end of Year 6. If other investments of equal risk earn 8%...

Answered: 1 week ago

Question

★★★★★
Alan Marshall is preparing his balance sheet and income statement for the month ended May 3 1 , 2 0 1 9 . Use the following information to help him prepare his financial statements. Opening Balances...

Answered: 1 week ago

Question

★★★★★
Which one of the following statements about risk financing measures for cyber risk is true? a . Disclaimers are the most effective way to transfer or finance cyber risk exposures. b . Traditional...

Answered: 1 week ago

Question

★★★★★
George Road Construction (GRC) is a street and road contractor. It would like to bid on a large road project for the town of Troy, which also involves laying fiber optic cables. GRC has the expertise...

Answered: 1 week ago

Question

★★★★★
In the global context, to what does ethnocentric refer? Answers Tight control of international operations with little autonomy, and key positions held by headquarters Local control of operations with...

Answered: 1 week ago

Question

★★★★★
Problem 1. In North America, it is common to issue investment products with return guarantees. For instance, a product may offer the returns of the S&P 500 index except the investor is guaranteed a...

Answered: 1 week ago

Question

★★★★★
Hi, I'm trying to solve: 1) The common stock of Say Cheese, Inc. offers an expected total return of 9.2 percent. The last annual dividend was $2.10 a share. Dividends increase at a constant 2.6...

Answered: 1 week ago

Question

★★★★★
Kids with phones: A marketing manager for a phone company claims that more than 52% of children aged 8-12 have phones. In a survey of 808 children aged 8-12 by a national consumers group, 469 of them...

Answered: 1 week ago

Previous Question Next Question