Gabriel Scott is preparing his balance sheet and income and expense statement as of June $30,2024.$ He is having difficulty classifying six items and asks for your help. Which, if any, of the following transactions are assets, liabilities, income, or expense items? Assume that the individual uses the cash basis of accounting rather than the accrual basis for reporting on the financial statements.

Gabriel rents a house for $$1,750$ a month.

Assets

Liabilities

Income

Expenses

$-$Select$-$YesNoItem $1-$Select$-$YesNoItem $2-$Select$-$YesNoItem $3-$Select$-$YesNoItem $4$

On June $21,2024,$ Gabriel bought diamond earrings for his wife and charged them using his Visa card. The earrings cost $$900,$ but he hasn't yet received the bill.

Assets

Liabilities

Income

Expenses

$-$Select$-$YesNoItem $5-$Select$-$YesNoItem $6-$Select$-$YesNoItem $7-$Select$-$YesNoItem $8$

Gabriel borrowed $$3,500$ from his parents last fall, but so far, he has made no payments to them.

Assets

Liabilities

Income

Expenses

$-$Select$-$YesNoItem $9-$Select$-$YesNoItem $10-$Select$-$YesNoItem $11-$Select$-$YesNoItem $12$

Gabriel makes monthly payments of $$225$ on an installment loan; about half of it is interest, and the balance is repayment of principal. He has $20$ payments left, totaling $$4,500.$

Assets

Liabilities

Income

Expenses

$-$Select$-$YesNoItem $13-$Select$-$YesNoItem $14-$Select$-$YesNoItem $15-$Select$-$YesNoItem $16$

Gabriel paid $$3,800$ in taxes during the year and is due a tax refund of $$650,$ which he hasn't yet received.

Assets

Liabilities

Income

Expenses

$-$Select$-$YesNoItem $17-$Select$-$YesNoItem $18-$Select$-$YesNoItem $19-$Select$-$YesNoItem $20$

Gabriel invested $$2,300$ in a mutual fund.

Assets

Liabilities

Income

Expenses

$-$Select$-$YesNoItem $21-$Select$-$YesNoItem $22-$Select$-$YesNoItem $23-$Select$-$YesNoItem $24$

Gabriel's Aunt Evangeline gave him a birthday gift of $$300.$