Question
Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions.
Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions.
The starting balance of Accounts Receivable is $4,500 The starting balance of Cash is $9,700 The starting balance of Inventory is $3,800
1. Receive payment of $12 owed by a customer 2. Buy $15 worth of manufacturing supplies for cash 3. Sell product for $35 in cash with historical cost of $35
What is the final amount in Cash?
Note: No unit adjustments are necessary.
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