(Classify and organize information so that it is useful for decision making, LO 1, 4)

Mei is a university student who has been unable, so far, to find a summer job. While she has enough money to pay for school next year, she is concerned that she is not managing her money as well as she could. She decides to monitor her spending for the next month so that she can get an idea of where her money is going. She buys a small pad and writes down the amount spent and the purpose of the spending. Mei’s summary of her spending for July is shown below:

Required:
Prepare a statement that organizes the information from the month’s spending in a useful way. Explain why you organized the information the way that you did. How could you use the information if you were Mei?

Transcribed Image Text:

Date Amount July 4 $ 0.00 July 4 100.00 July 4 -15.75 Purpose Starting balance (cash in purse) Cash from ATM Partying with friends July 6 -45.00 Clothes July 6 -4.50 Lunch July 10 -22.50 Novel July 11 -8.50 Movie July 12 70.00 Cash from ATM July 12 -38.25 July 15 -22.45 July 17 -3.00 July 19 50.00 July 19 -15.50 July 20 -8.75 Snacks July 20 -12.50 July 21 -23.00 July 21 100.00 July 24 50.00 July 24 -20.00 July 27 -125.00 July 31 $5.30 Software Gift for Dad's birthday Coffee and donuts with friends Cash from ATM Beverages for party Monthly Internet access fee Cosmetics Borrowed from Mom Cash from ATM Tennis lesson Deposit for university courses in fall Amount remaining in purse