of Home le counts $14,600 $800 $22,700 $164,100 $6,500 $48,700 s for the month of Do

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
mn Chapter 1 Post-Class Homework - Work- Microsoft Edge
https://www.ameengage.com/mod/quiz/attempt.php?attempt=4798713&cmid=1045348&page=4
AME Engage
Question 5
Not checked
Marked out
35.00
P Flag
question
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
$6,500
$48,700
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.
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-Account field.
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.
Personal Balance Sheet
As at December 31, 2016
Q Search.
LONGED 18 0
Lr
Transcribed Image Text:mn Chapter 1 Post-Class Homework - Work- Microsoft Edge https://www.ameengage.com/mod/quiz/attempt.php?attempt=4798713&cmid=1045348&page=4 AME Engage Question 5 Not checked Marked out 35.00 P Flag question 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 $6,500 $48,700 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. 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-Account field. 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. Personal Balance Sheet As at December 31, 2016 Q Search. LONGED 18 0 Lr
m Chapter 1 Post-Class Homework - Work - Microsoft Edge
https://www.ameengage.com/mod/quiz/attempt.php?attempt=4798713&cmid=1045348&page=4
AME Engage
144Hz
Opening: $
Transaction #1
Increase
Transaction #2
Transaction #3
Transaction #4
Transaction # 5
Transaction # 6
Ending: $
Assets (what we OWN)
Increase
Cash
Contents of Home
Personal Balance Sheet
As at December 31, 2016
Decrease
Decrease
Q Search.
Decrease
Transaction #1
Transaction #2
Transaction #3
Transaction #4
Transaction #5
Transaction #6
Liabilities (what we OWE)
Decrease
Unpaid Accounts
Opening: $
Ending: $
Bank Loan
Increase
Increase
Pr
30
8
Transcribed Image Text:m Chapter 1 Post-Class Homework - Work - Microsoft Edge https://www.ameengage.com/mod/quiz/attempt.php?attempt=4798713&cmid=1045348&page=4 AME Engage 144Hz Opening: $ Transaction #1 Increase Transaction #2 Transaction #3 Transaction #4 Transaction # 5 Transaction # 6 Ending: $ Assets (what we OWN) Increase Cash Contents of Home Personal Balance Sheet As at December 31, 2016 Decrease Decrease Q Search. Decrease Transaction #1 Transaction #2 Transaction #3 Transaction #4 Transaction #5 Transaction #6 Liabilities (what we OWE) Decrease Unpaid Accounts Opening: $ Ending: $ Bank Loan Increase Increase Pr 30 8
Expert Solution
steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Knowledge Booster
Budgeting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education