Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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_2

Step: 3

blur-text-image_3

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

Excel For Accountants Tips, Tricks & Techniques

Authors: Conrad Carlberg

1st Edition

1932925015, 9781932925012

More Books

Students also viewed these Accounting questions