Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the

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 $13,700 The starting balance of Inventory is $5,100 The starting balance of Retained Earnings is $24,500 1. Sell, deliver, and receive payment of $20 for service 2. Consume good or service and pay expense of $2 3. Sell product for $25 in cash with historical cost of $20 What is the final amount in Retained Earnings


Leave a Reply

Your email address will not be published. Required fields are marked *