Question

answer all parts please , thank you

The following formation from the personal records of Ramon March 31, 2019 Net Worth 58700 Transactions for the month of April 2019 1) Earned monthly salary of $5.210 2) Paid $1.290 cash fortes 3) Purchased an automobile worth $220 on account 4) Paid $550 cash for iphone expenses 5) Paid $520 cash for hydro Accounted Do not enter dollar signs or commas in the input boxes The Account fields are labeled by transaction number Recordeachtansaction by entering the value into the corresponding Required a) Complete the Cash T-Account to determine the ending balance of cash. Increase Decrease Opening Balance Transaction Transaction 02 Traction 3 Transaction at Transactions

Answer 1

Requirement a:

Increase			Decrease
Cash
Opening Balance	4100
Transaction # 1	5210
Transaction # 2		1290
Transaction # 3
Transaction # 4		560
Transaction # 5		520
Ending Balance	6940

*No entry for transaction #3 because purchased on account. it means purchased on credit.

Requirement b:

Personal Income Statement
For the Month Ended April 30,2019
Revenue		5210
Expenses:
Cellphone Expense	560
Hydro Expense	520
Utilities Expense	1290
Total Expenses		2370
Surplus (Deficit)		2840

*Surplus (Deficit) = Revenues - Total expenses = 5210-2370 = 2840

Requirement c:

Net worth = 178440

Calculations:

Net worth on April 30 = Beginning net worth + Net income = 87800+2840 = 178440