Question
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 Cash is $12,500 The starting balance of Inventory is $5,200 The starting balance of Retained Earnings is $23,900 Date Accounts and Explanation Debit Credit Mar 9 Retained Earnings 3 Cash 3 Consumed good or service and paid expense with cash Mar 10 Cash 20 Inventory 16 Retained Earnings 4 Sold and delivered product to customer Mar 11 Cash 35 Retained Earnings 35 Sold, delivered, and received payment for service with no clear associated cost What is the final amount in Retained Earnings?
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