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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.

The starting balance of Cash is $9,100

The starting balance of Inventory is $4,800

The starting balance of Retained Earnings is $24,700

1. Sell product for $30 in cash with historical cost of $24

2. Sell, deliver, and receive payment of $40 for service

3. Consume good or service and pay expense of $2

What is the final amount in Retained Earnings?

Financial Accounting, Accounting

  • Category:- Financial Accounting
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