Additionally, provide an analysis of the transaction. Use a chart like the one from question to advise the affect that the transaction will have on Assets, Liabilities or Owner's equity. Please also include the account that is affected for the category (Cash, Unearned Revenue etc) Alan Marshall is preparing his balance sheet and income statement for the month ended July 31, 2021. Thefollowing information was available for the accounts as at July 1, 2021.Cash$4,400Contents of Home2,800Automobile4,800House287,900Unpaid Accounts8,500MortgageNet Worth239,30052,100The following transactions occurred during the month of July.1.Deposited $4,700 of salary earned during June2.Purchased a $1,600 high-definition television using a credit card3.Paid a telephone bill of $640 for the month of July using a credit card4.Paid a credit card bill with cash for $3,3005.Purchased $1,010 of groceries using cash6.Paid July's utilities of $1,100 with cash7.Made a principal payment of $1,100 for the mortgage8.Earned $60 interest on a savings accountUsing the information provided, first record the opening balances in the T-accounts. Then, record thetransactions for the month of July in the T-accounts, and complete the calculations at the bottom of the table.

Accounting equation is fundamental concept being used in accounting. It says that total assets must…

Alan Marshall is preparing his balance sheet and income statement for the month ended July 31, 2021. The following information was available for the accounts as at July 1, 2021. Cash Contents of Home Automobile House Unpaid Accounts Mortgage Net Worth The following transactions occurred during the month of July. Deposited $4,700 of salary earned during June Purchased a $1,600 high-definition television using a credit card Paid a telephone bill of $640 for the month of July using a credit card Paid a credit card bill with cash for $3,300 3. 4. 5. Purchased $1,010 of groceries using cash 6. Paid July's utilities of $1,100 with cash 7. Made a principal payment of $1,100 for the mortgage 8. Earned $60 interest on a savings account $4,400 2,800 4,800 287,900 8,500 239,300 52,100 Using the information provided, first record the opening balances in the T-accounts. Then, record the transactions for the month of July in the T-accounts, and complete the calculations at the bottom of the table.

Alan Marshall is preparing his balance sheet and income statement for the month ended July 31, 2021. The following information was available for the accounts as at July 1, 2021. Cash Contents of Home Automobile House Unpaid Accounts Mortgage Net Worth The following transactions occurred during the month of July. Deposited $4,700 of salary earned during June Purchased a $1,600 high-definition television using a credit card Paid a telephone bill of $640 for the month of July using a credit card Paid a credit card bill with cash for $3,300 3. 4. 5. Purchased $1,010 of groceries using cash 6. Paid July's utilities of $1,100 with cash 7. Made a principal payment of $1,100 for the mortgage 8. Earned $60 interest on a savings account $4,400 2,800 4,800 287,900 8,500 239,300 52,100 Using the information provided, first record the opening balances in the T-accounts. Then, record the transactions for the month of July in the T-accounts, and complete the calculations at the bottom of the table.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Describe an account and its use in recording transactions.

A: Accounting reports are papers and books used to manage records.

Q: xplain what are contra asset accounts, where they are on shown on the financial statements and give…

A: Contra Asset: A contra asset is, well, a contra asset. All assets, in general, have a debit balance,…

Q: Which journal entries is correct when a business entity collects an accounts receivable? A. Cash -…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

Q: Which of the following accounts is increased by a debit?A. Common StockB. Accounts PayableC.…

A: Debit and credit are two sides of account in accounting framework. All assets, expenses and…

Q: Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b.…

Q: Describe Deposits and Advances from Customers.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic…

Q: Which of the following accounts is increased by the use of debit?

A: The Correct Answer is for accounts is increased by the use of debit:

Q: The journal entry to record a particular business transaction includes a debit to a liability…

A: A journal entry is used to document a business transaction in the accounting records of a company. A…

Q: Which of the following documents is issued by a customer to provide information about the nature of…

A: Every transaction that takes place in a business should be recorded appropriately in the books of…

Q: The five basic account types are: Asset Liability Owners Equity Revenue Expense What is the…

A: 1. Asset = Debit Balance 2. Liability = Credit Balance 3. Owners Equity = Credit Balance 4. Revenue…

Q: How do you know which account debits and credits go in? How do you log into the general journal?…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Ledgers help to organize accounting information into categories normally known as ‘’classes’’. With…

A: SOLUTION A JOURNAL IS A COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN…

Q: Why creditors control account may have debit balance

A: The creditor's control account displays the amount a firm has to give to the suppliers.

Q: Explain what is meant by the term real accounts(also known as permanent accounts).

A: Accounting involves recording business transactions in books of accounts. The first steps of…

Q: How is the account Unearned Fees classified and what kind of balance should it have? Group of answer…

A: A current liability is an obligation for the company that has to be paid off within a year. It would…

Q: How is the account Accounts Payable classified and what kind of balance should it have? Group of…

A: Accounts payable is the term for current liabilities in regard to purchases made on credit. Such…

Q: Explain the concept of double-entry bookkeeping and how it ensures accuracy in financial records.

A: By recording every financial transaction in at least two different accounts, the double-entry…

Question

Additionally, provide an analysis of the transaction. Use a chart like the one from question to advise the affect that the transaction will have on Assets, Liabilities or Owner's equity. Please also include the account that is affected for the category (Cash, Unearned Revenue etc)

Alan Marshall is preparing his balance sheet and income statement for the month ended July 31, 2021. The
following information was available for the accounts as at July 1, 2021.
Cash
$4,400
Contents of Home
2,800
Automobile
4,800
House
287,900
Unpaid Accounts
8,500
Mortgage
Net Worth
239,300
52,100
The following transactions occurred during the month of July.
1.
Deposited $4,700 of salary earned during June
2.
Purchased a $1,600 high-definition television using a credit card
3.
Paid a telephone bill of $640 for the month of July using a credit card
4.
Paid a credit card bill with cash for $3,300
5.
Purchased $1,010 of groceries using cash
6.
Paid July's utilities of $1,100 with cash
7.
Made a principal payment of $1,100 for the mortgage
8.
Earned $60 interest on a savings account
Using the information provided, first record the opening balances in the T-accounts. Then, record the
transactions for the month of July in the T-accounts, and complete the calculations at the bottom of the table.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:

VIEW

Step 2: Accounting equation:

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Explain where the various types of accounts are reported on financial statements.
Briefly explain the relationship between assets, liabilities, and revenue.
When a customer pays in advance for products or services, which of the following accounts is credited? a.Sales Revenue b.Cash c.Unearned Revenue d.Accounts Receivable
Please help me
Which of the following is not a step in the process of measuring external transactions? a. Analyze the impact of the transaction on the accounting equation.b. Record the transaction using debits and credits.c. Post the transaction to the T-account in the general ledger.d. All of the above are steps in the measurement process of external transactions.
Test of details of transactions involves testing the transactions which give rise to the ending balance of an account. TRUE OR FALSE? WHY?
Select the item that best completes each of the descriptions below. a. A collection of accounts and account balances is referred to as a(n) b. A(n). such as a bank statement, is objective evidence of transactions and their amounts. c. Increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded in a(n) d. A(n) _ асcount has a complete record of every transactions recorded. journal e. A list of all ledger accounts and identification numbers, not including account balances, is called a(n). of accounts.
How does the data flow from the transaction (e.g. MRI scan) to financial statements? Use the following key terms in your response: transaction, journal entry, general ledger, financial statement.
Define the followings? a. Real Account. b. Temporary Account.
How do I identify a transaction and whether it is debited or credited?
How does receiving a payment from a customer on account affect the accounting equation?
The type of account with a normal credit balance is: Group of answer choices an asset drawing a revenue an expense