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 $4,100 The starting balance of Cash is $14,300 The starting balance of Inventory is $5,800
1. Buy $17 worth of manufacturing supplies for cash 2. Sell product for $30 in cash with historical cost of $30 3. Receive payment of $11 owed by a customer
What is the final amount in Accounts Receivable?
Note: No unit adjustments are necessary.
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