Take me to the textThe following information pertains to Timothy Dalton's personal financial transactions.Opening Balances- December 1, 2016Cash$14,600$800$22,700$164,100Contents of HomeAutomobileHouseUnpaid AccountsBank LoanTransactions 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$48,700Do 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-Requireda) 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.IncreaseOpening: STransaction #1Assets (what we OWN)CashPersonal Balance SheetAs at December 31, 2016DecreaseDecreaseTransaction #1▸Liabilities (what we OWE)Unpaid AccountsIncreaseOpening: $

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Answered: Home counts ad $14,600 $800 $22,700…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 480 @ $5.50 May 3 240@ $8.00 4 1,390 @ $5.40 6 1,080 @ $8.00 8 800 @ $5.60 12 900 @ $8.50 14 700 @ $5.70 18 450 @ $8.50 22 1,250 @ $5.80 25 1,400 @ $9.00 29 560 @ $5.85 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory +A $
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Required: INCOME STATEMENT for the month ended February 28, 2015