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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac43ebf0-5d84-451a-a693-c5d575aed7c0%2Fbaed6514-8659-40f1-9130-84fe5d8251c6%2Fycnnh2_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
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