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 $8,400
The starting balance of Inventory is $4,200
The starting balance of Retained Earnings is $23,500
DateAccounts and ExplanationDebitCredit Mar 9Retained Earnings2 Cash2 Consumed good or service and paid expense with cash Mar 10Cash40 Inventory32 Retained Earnings8 Sold and delivered product to customer Mar 11Cash25 Retained Earnings25 Sold, delivered, and received payment for service with no clear associated cost
What is the final amount in Retained Earnings?
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Bookkeeping All In One For Dummies
Authors: Consumer Dummies
1st Edition
1119094216, 978-1119094210
