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

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