Erika Koch is preparing her balance sheet and income statement for the month ended July 31, 2022. Use the following information to help her prepare her financial statements.

Opening Balances - July 1, 2022Cash$11,200Contents of Home$1,700Car$19,700House$312,400Unpaid Accounts$8,700Car Loan$153,600Net Worth$182,700

The following transactions occurred during the month of July.

1.Deposited $4,200 salaries earned during the month.2.Purchased new jewellry worth $1,600 using a credit card3.Paid credit card bill with $4,600 cash.4.Paid travel bills of $800 for the month of July using a credit card.5.Purchased gas for $600 using cash.6.Made a principal payment of $1,300 on the car loan.7.Paid July's rent of $1,500 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 July in the T-accounts and complete the calculations at the bottom of the tables.

Personal Balance SheetAs at July 31, 2022Assets (what we OWN)Liabilities (what we OWE)IncreaseDecreaseDecreaseIncreaseCashUnpaid AccountsOpening: $AnswerOpening: $ AnswerTransaction # 1 AnswerAnswerTransaction # 1 AnswerAnswerTransaction # 2 AnswerAnswerTransaction # 2 AnswerAnswerTransaction # 3 AnswerAnswerTransaction # 3 AnswerAnswerTransaction # 4 AnswerAnswerTransaction # 4 AnswerAnswerTransaction # 5 AnswerAnswerTransaction # 5 AnswerAnswerTransaction # 6 AnswerAnswerTransaction # 6 AnswerAnswerTransaction # 7 AnswerAnswerTransaction # 7 AnswerAnswerEnding: $ AnswerEnding: $ AnswerIncreaseDecreaseDecreaseIncreaseContents of HomeCar LoanOpening: $AnswerOpening: $ AnswerTransaction # 1 AnswerAnswerTransaction # 1 AnswerAnswerTransaction # 2 AnswerAnswerTransaction # 2 AnswerAnswerTransaction # 3 AnswerAnswerTransaction # 3 AnswerAnswerTransaction # 4 AnswerAnswerTransaction # 4 AnswerAnswerTransaction # 5 AnswerAnswerTransaction # 5 AnswerAnswerTransaction # 6 AnswerAnswerTransaction # 6 AnswerAnswerTransaction # 7 AnswerAnswerTransaction # 7 AnswerAnswerEnding: $ AnswerEnding: $ AnswerIncreaseDecreaseCarOpening: $AnswerTransaction # 1 AnswerAnswerTransaction # 2 AnswerAnswerTransaction # 3 AnswerAnswerTransaction # 4 AnswerAnswerTransaction # 5 AnswerAnswerTransaction # 6 AnswerAnswerTransaction # 7 AnswerAnswerEnding: $ AnswerIncreaseDecreaseDecreaseIncreaseHouseNet WorthOpening: $AnswerOpening: $ AnswerTransaction # 1 AnswerAnswerTransaction # 1 AnswerAnswerTransaction # 2 AnswerAnswerTransaction # 2 AnswerAnswerTransaction # 3 AnswerAnswerTransaction # 3 AnswerAnswerTransaction # 4 AnswerAnswerTransaction # 4 AnswerAnswerTransaction # 5 AnswerAnswerTransaction # 5 AnswerAnswerTransaction # 6 AnswerAnswerTransaction # 6 AnswerAnswerTransaction # 7 AnswerAnswerTransaction # 7 AnswerAnswerEnding: $ AnswerEnding: $ AnswerTotal Assets$ AnswerTotal Liabilities$ AnswerNet Worth$ AnswerPersonal Income StatementFor the Month Ended July 31, 2022REVENUEDecrease -Increase +RevenueTransaction # 1 AnswerAnswerTransaction # 2 AnswerAnswerTransaction # 3 AnswerAnswerTransaction # 4 AnswerAnswerTransaction # 5 AnswerAnswerTransaction # 6 AnswerAnswerTransaction # 7 AnswerAnswerEnding: $ AnswerminusExpensesIncreaseDecreaseIncreaseDecreaseEntertainmentGasTransaction # 1 AnswerAnswerTransaction # 1 AnswerAnswerTransaction # 2 AnswerAnswerTransaction # 2 AnswerAnswerTransaction # 3 AnswerAnswerTransaction # 3 AnswerAnswerTransaction # 4 AnswerAnswerTransaction # 4 AnswerAnswerTransaction # 5 AnswerAnswerTransaction # 5 AnswerAnswerTransaction # 6 AnswerAnswerTransaction # 6 AnswerAnswerTransaction # 7 AnswerAnswerTransaction # 7 AnswerAnswerEnding: $ AnswerEnding: $ AnswerIncreaseDecreaseIncreaseDecreaseTravelRentTransaction # 1 AnswerAnswerTransaction # 1 AnswerAnswerTransaction # 2 AnswerAnswerTransaction # 2 AnswerAnswerTransaction # 3 AnswerAnswerTransaction # 3 AnswerAnswerTransaction # 4 AnswerAnswerTransaction # 4 AnswerAnswerTransaction # 5 AnswerAnswerTransaction # 5 AnswerAnswerTransaction # 6 AnswerAnswerTransaction # 6 AnswerAnswerTransaction # 7 AnswerAnswerTransaction # 7 AnswerAnswerEnding: $ AnswerEnding: $ AnswerTotal RevenueAnswerTotal ExpensesAnswerSurplus (Deficit)