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 $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?
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Merchandising Math A Managerial Approach
Authors: Doris Kincade, Fay Gibson, Ginger Woodard
1st Edition
0130995886, 978-0130995889
