Consider the following account starting balances and journal transactions involving these accounts. Use T-accounts to record the
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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 the transactions.
The starting balance of Cash is $9,900 The starting balance of Inventory is $3,800 The starting balance of Retained Earnings is $21,400
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 | 40 | |
Inventory | 32 | ||
Retained Earnings | 8 | ||
Sold and delivered product to customer | |||
Mar 11 | Cash | 25 | |
Retained Earnings | 25 | ||
Sold, delivered, and received payment for service with no clear associated cost |
What is the final amount in Retained Earnings?
Note: No unit adjustments are necessary.
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