Question
The following information pertains to Alan Marshall's personal financial transactions. Opening Balances - September 1, 2019 Cash $12,100 Contents of Home $1,000 Automobile $20,100 House
The following information pertains to Alan Marshall's personal financial transactions.
Opening Balances - September 1, 2019 | |
Cash | $12,100 |
Contents of Home | $1,000 |
Automobile | $20,100 |
House | $154,100 |
Unpaid Accounts | $5,300 |
Bank Loan | $44,400 |
Transactions for the month of September 2019.
1. | Paid maintenance for the month of September with $800 cash. |
2. | Purchased new jewelry worth $2,500 with cash. |
3. | Paid credit card liability of $5,100. |
4. | Paid for travel for September with $800 cash. |
5. | Purchased $2,100 of groceries and goods for personal consumption with cash. |
6. | Deposited $4,300 salary 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 September in the T-accounts.
Personal Balance Sheet | ||||
As at September 30, 2019 | ||||
Assets | Liabilities | |||
Cash | Unpaid Accounts | |||
Opening: $Answer | Opening: $Answer | Opening: $ Answer | Opening: $ Answer | |
# 1 Answer | Answer | # 1 Answer | Answer | |
# 2 Answer | Answer | # 2 Answer | Answer | |
# 3 Answer | Answer | # 3 Answer | Answer | |
# 4 Answer | Answer | # 4 Answer | Answer | |
# 5 Answer | Answer | # 5 Answer | Answer | |
# 6 Answer | Answer | # 6 Answer | Answer | |
Ending: $ Answer | Ending: $ Answer | Ending: $ Answer | Ending: $ Answer | |
Contents of Home | Bank Loan | |||
Opening: $Answer | Opening: $Answer | Opening: $ Answer | Opening: $ Answer | |
# 1 Answer | Answer | # 1 Answer | Answer | |
# 2 Answer | Answer | # 2 Answer | Answer | |
# 3 Answer | Answer | # 3 Answer | Answer | |
# 4 Answer | Answer | # 4 Answer | Answer | |
# 5 Answer | Answer | # 5 Answer | Answer | |
# 6 Answer | Answer | # 6 Answer | Answer | |
Ending: $ Answer | Ending: $ Answer | Ending: $ Answer | Ending: $ Answer | |
Automobile | ||||
Opening: $Answer | Opening: $Answer | |||
# 1 Answer | Answer | |||
# 2 Answer | Answer | |||
# 3 Answer | Answer | |||
# 4 Answer | Answer | |||
# 5 Answer | Answer | |||
# 6 Answer | Answer | |||
Ending: $ Answer | Ending: $ Answer | |||
House | Net Worth | |||
Opening: $Answer | Opening: $Answer | Opening: $ Answer | Opening: $ Answer | |
# 1 Answer | Answer | # 1 Answer | Answer | |
# 2 Answer | Answer | # 2 Answer | Answer | |
# 3 Answer | Answer | # 3 Answer | Answer | |
# 4 Answer | Answer | # 4 Answer | Answer | |
# 5 Answer | Answer | # 5 Answer | Answer | |
# 6 Answer | Answer | # 6 Answer | Answer | |
Ending: $ Answer | Ending: $ Answer | Ending: $ Answer | Ending: $ Answer |
Total Assets | $ Answer |
Total Liabilities | $ Answer |
Net Worth | $ Answer |
Personal Income Statement | ||||
For the Month Ended September 30, 2019 | ||||
REVENUE | ||||
Revenue | ||||
# 1 Answer | Answer | |||
# 2 Answer | Answer | |||
# 3 Answer | Answer | |||
# 4 Answer | Answer | |||
# 5 Answer | Answer | |||
# 6 Answer | Answer | |||
Ending: $ Answer | Ending: $ Answer | |||
minus | ||||
Expenses | ||||
Entertainment | Food | |||
# 1 Answer | Answer | # 1 Answer | Answer | |
# 2 Answer | Answer | # 2 Answer | Answer | |
# 3 Answer | Answer | # 3 Answer | Answer | |
# 4 Answer | Answer | # 4 Answer | Answer | |
# 5 Answer | Answer | # 5 Answer | Answer | |
# 6 Answer | Answer | # 6 Answer | Answer | |
Ending: $ Answer | Ending: $ Answer | Ending: $ Answer | Ending: $ Answer | |
Maintenance | Travel | |||
# 1 Answer | Answer | # 1 Answer | Answer | |
# 2 Answer | Answer | # 2 Answer | Answer | |
# 3 Answer | Answer | # 3 Answer | Answer | |
# 4 Answer | Answer | # 4 Answer | Answer | |
# 5 Answer | Answer | # 5 Answer | Answer | |
# 6 Answer | Answer | # 6 Answer | Answer | |
Ending: $ Answer | Ending: $ Answer | Ending: $ Answer | Ending: $ Answer | |
Total Revenue | Answer | |||
Total Expenses | Answer | |||
Surplus (Deficit) | Answer |
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