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 $9,700 The starting balance of Inventory is $3,800 The starting balance of Retained Earnings is $23,600
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Mar 9 | Cash | 30 | |
| Inventory | 24 | ||
| Retained Earnings | 6 | ||
| Sold and delivered product to customer | |||
| Mar 10 | Cash | 40 | |
| Retained Earnings | 40 | ||
| Sold, delivered, and received payment for service with no clear associated cost | |||
| Mar 11 | Retained Earnings | 2 | |
| Cash | 2 | ||
| Consumed good or service and paid expense with cash |
What is the final amount in Retained Earnings?
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CIA Part 1 Essentials Of Internal Auditing Certified Internal Auditor 2019
Authors: Muhammad Zain
1st Edition
1091949182, 978-1091949188
