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

Mike is a university student who is often short of cash. A month may pass and he has no idea where his money went. After suffering with this problem for several months, Mike decides to monitor his spending for the next month. He buys a small pad to write down the amount spent and the purpose of the spending. The summary of Mike’s spending for the month is 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 Mike?

Transcribed Image Text:

Date Amount Feb 4 $ 8.75 Purpose Starting balance (cash in wallet) Feb 4 50.00' Cash from ATM Feb 4 -15.75 Movie and beer Feb 6 -3.00 Photocopy of Steve's notes Feb 6 -4.50 Lunch Feb 10 -22.50 Book for course Feb 11 -2.50 Snacks Feb 12 50.00 Cash from ATM Feb 12 -18.25 Feb 15 -10.00 Feb 17 -3.00 Feb 19 50.00 Feb 19 -22.50 Feb 20 -8.75 Feb 20 -17.40 Feb 21 10.00 Feb 21 -23.00 Date with Alex Long-distance phone card Contribution to charity drive Cash from ATM Card and gift for Dad Overdue fees at library Share of phone bill for dorm room Borrow from Lisa Food/drink for dorm room Feb 24 50.00 Cash from ATM Feb 24 -10.00 Pay Lisa back Feb 27 -18.75 Feb 28 $ 38.85 Partying after exam Amount remaining in wallet