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Consider the following account starting balances and journal transactions involving these accounts. Use T-accounts to record the starting balances and organize the offsetting entries for
Consider the following account starting balances and journal transactions involving these accounts. |
Use T-accounts to record the starting balances and organize the offsetting entries for the transactions. |
The starting balance of Accounts Payable is $4,600 |
The starting balance of Cash is $13,700 |
The starting balance of Inventory is $4,600 |
1) Buy $16 worth of manufacturing supplies for cash |
2) Sell product for $30 in cash with historical cost of $30 |
3) Receive payment of $11 owed by a customer |
Whats the final amount in Inventory? |
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