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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

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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 the transactions. The starting balance of Cash is $12,500 The starting balance of Inventory is $5,200 The starting balance of Retained Earnings is $23,900 Accounts and Explanation Date Debit Credit Retained Earnings Mar 9 13 Cash Consumed good or service and paid expense with cash 20 Mar 10 Cash 16 Inventory 4 Retained Earnings Sold and delivered product to customer 35 Cash Mar 11 Retained Earnings Sold, delivered, and received payment for service with no clear associated cost What is the final amount in Retained Earnings? 35

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