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Consider the following account starting balances and journal transactions involving these accounts. Use T - accounts to record the starting balances and organize the offsetting
Consider the following account starting balances and journal transactions involving these accounts.
Use Taccounts to record the starting balances and organize the offsetting entries for the transactions.
The starting balance of Cash is $
The starting balance of Inventory is $
The starting balance of Retained Earnings is $
Date Accounts and Explanation Debit Credit
Mar Cash
Retained Earnings
Sold, delivered, and received payment for service with no clear associated cost
Mar Retained Earnings
Cash
Consumed good or service and paid expense with cash
Mar Cash
Inventory
Retained Earnings
Sold and delivered product to customer
What is the final amount in Retained Earnings?
Note: No unit adjustments are necessary.
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