Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Take me to the text Alan Marshall is preparing his balance sheet and income statement for the month ended March 31, 2018. Use the following
Take me to the text Alan Marshall is preparing his balance sheet and income statement for the month ended March 31, 2018. Use the following information to help him prepare his financial statements. Opening Balances - March 1, 2018 Cash $10,600 Contents of Home $1,200 Automobile $18,600 House $299,000 Unpaid Accounts $11,300 Mortgage $149,600 Net Worth $168,500 Transactions for the month of March. 1. Purchased new furniture worth $1,400 for home using the credit card 2. Paid credit card bill with $4,200 cash. 3. Paid utility bills of $1,300 for the month of March using a credit card. 4. Purchased groceries and food for $2,800 using cash. 5. Made a principal payment of $900 on the mortgage. 6. Paid March's miscellaneous expenses of $600 with cash. 7. Deposited $4,300 salaries earned during the month. 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 March in the T-accounts. Personal Balance Sheet As at March 31, 2018 Assets (what we OWN) Liabilities (what we OWE) Increase Decrease Decrease Increase Cash Unpaid Accounts Opening: $ Opening: $ Transaction # 1 Transaction # 1 Transaction # 2 Transaction # 2 Transaction # 3 Transaction #3 Transaction #4 Transaction #4 Transaction # 5 Transaction # 5 Transaction #6 Transaction #6 Transaction #7 Transaction #7 Ending: $ Ending: $ Decrease Increase Decrease Contents of Home Increase Mortgage Opening: $ Opening: $ Transaction #1 Transaction #1 Transaction # 2 Transaction # 2 Transaction # 3 Transaction # 3 Transaction #4 Transaction #4 Transaction #5 Transaction #5 Transaction #6 Transaction #6 Transaction #7 Transaction #7 Ending: $ Ending: $ Increase Decrease Automobile Opening: $ Transaction # 1 Transaction # 2 Transaction # 3 Transaction #4 Transaction # 5 Transaction #6 Transaction #7 Ending: $ Increase Decrease Decrease Increase House Net Worth Opening: $ Opening: $ Transaction # 1 Transaction #1 Transaction # 2 Transaction # 2 Transaction # 3 Transaction #3 Transaction #4 Transaction #4 Transaction # 5 Transaction # 5 Transaction # 6 Transaction #6 Transaction # 7 Transaction #7 Ending: $ Ending: $ Total Assets $ Total Liabilities $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started