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Home counts ad $14,600 $800 $22,700 $164,100 s for the month of December 2016. cellaneous expenses for the month of December with $1,000 cash.. DOW $6,500 $48,700

Home counts ad $14,600 $800 $22,700 $164,100 s for the month of December 2016. cellaneous expenses for the month of December with $1,000 cash.. DOW $6,500 $48,700

FINANCIAL ACCOUNTING
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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Take me to the text The following information pertains to Timothy Dalton's personal financial transactions. Opening Balances- December 1, 2016 Cash $14,600 $800 $22,700 $164,100 Contents of Home Automobile House Unpaid Accounts Bank Loan Transactions for the month of December 2016. 1. Paid miscellaneous expenses for the month of December with $1,000 cash. 2. Purchased a new computer worth $1,000 with cash. 3. Paid credit card liability of $6,500 (Unpaid Accounts) in full. 4. Paid telephone, electricity and water bill for December with $1,200 cash. 5. Purchased $2,100 of groceries and goods for personal consumption with cash. 6. Deposited $4,600 salary earned during the month. $6,500 $48,700 Do not enter dollar signs or commas in the input boxes, Use the negative sign for a deficit. The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the corresponding T- Required a) Using the information provided, record the opening balances in the T-accounts. b) Record the transactions for the month of December in the T-accounts. Increase Opening: S Transaction #1 Assets (what we OWN) Cash Personal Balance Sheet As at December 31, 2016 Decrease Decrease Transaction #1 ▸ Liabilities (what we OWE) Unpaid Accounts Increase Opening: $
Transcribed Image Text:Take me to the text The following information pertains to Timothy Dalton's personal financial transactions. Opening Balances- December 1, 2016 Cash $14,600 $800 $22,700 $164,100 Contents of Home Automobile House Unpaid Accounts Bank Loan Transactions for the month of December 2016. 1. Paid miscellaneous expenses for the month of December with $1,000 cash. 2. Purchased a new computer worth $1,000 with cash. 3. Paid credit card liability of $6,500 (Unpaid Accounts) in full. 4. Paid telephone, electricity and water bill for December with $1,200 cash. 5. Purchased $2,100 of groceries and goods for personal consumption with cash. 6. Deposited $4,600 salary earned during the month. $6,500 $48,700 Do not enter dollar signs or commas in the input boxes, Use the negative sign for a deficit. The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the corresponding T- Required a) Using the information provided, record the opening balances in the T-accounts. b) Record the transactions for the month of December in the T-accounts. Increase Opening: S Transaction #1 Assets (what we OWN) Cash Personal Balance Sheet As at December 31, 2016 Decrease Decrease Transaction #1 ▸ Liabilities (what we OWE) Unpaid Accounts Increase Opening: $
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