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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 Cash is $8,400 The starting balance of Inventory is $4,200 The starting balance of Retained Earnings is $23,500 1. Consume good or service and pay expense of $2 2. Sell product for $40 in cash with historical cost of $32 3. Sell, deliver, and receive payment of $25 for service What is the final amount in Retained Earnings

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