Erika Koch is preparing her balance sheet and income statement for the month ended July 31,...

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Erika Koch is preparing her balance sheet and income statement for the month ended July 31, 2022. Use the following information to help her prepare her financial statements. Opening Balances - July 1, 2022 Cash $11,200 Contents of Home $1,700 $19,700 $312,400 $8,700 Car House Unpaid Accounts. Car Loan Net Worth $153,600 $182,700 The following transactions occurred during the month of July. 1. Deposited $4,200 salaries earned during the month. 2. Purchased new jewellry worth $1,600 using a credit card 3. Paid credit card bill with $4,600 cash. 4. Paid travel bills of $800 for the month of July using a credit card. 5. Purchased gas for $600 using cash. 6. Made a principal payment of $1,300 on the car loan. 7. Paid July's rent of $1,500 with cash. 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 July in the T-accounts and complete the calculations at the bottom of the tables. Erika Koch is preparing her balance sheet and income statement for the month ended July 31, 2022. Use the following information to help her prepare her financial statements. Opening Balances - July 1, 2022 Cash $11,200 Contents of Home $1,700 $19,700 $312,400 $8,700 Car House Unpaid Accounts. Car Loan Net Worth $153,600 $182,700 The following transactions occurred during the month of July. 1. Deposited $4,200 salaries earned during the month. 2. Purchased new jewellry worth $1,600 using a credit card 3. Paid credit card bill with $4,600 cash. 4. Paid travel bills of $800 for the month of July using a credit card. 5. Purchased gas for $600 using cash. 6. Made a principal payment of $1,300 on the car loan. 7. Paid July's rent of $1,500 with cash. 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 July in the T-accounts and complete the calculations at the bottom of the tables.

Answer rating: 100% (QA)

a Recording opening balances in the Taccounts TAccounts for July 1 2022 Cash Opening Balance 11200 Contents of Home Opening Balance 1700 Car Opening B... View the full answer