Consider the following account starting balances and journal transactions involving these accounts. Use T-accounts to...
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Accounting
Consider the following account starting balances and journal transactions involving these accounts. Use T-accounts to record the starting balances and organize the offsetting entries for the transactions.
The starting balance of Cash is $9,900 The starting balance of Inventory is $3,800 The starting balance of Retained Earnings is $21,400
Date Accounts and Explanation Debit Credit Mar 9 Retained Earnings 3 Cash 3 Consumed good or service and paid expense with cash Mar 10 Cash 40 Inventory 32 Retained Earnings 8 Sold and delivered product to customer Mar 11 Cash 25 Retained Earnings 25 Sold, delivered, and received payment for service with no clear associated cost
What is the final amount in Retained Earnings?
Consider the following account starting balances and journal transactions involving these accounts. Use T-accounts to record the starting balances and organize the offsetting entries for the transactions.
The starting balance of Cash is $9,900 The starting balance of Inventory is $3,800 The starting balance of Retained Earnings is $21,400
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| Mar 9 | Retained Earnings | 3 | |
| Cash | 3 | ||
| Consumed good or service and paid expense with cash | |||
| Mar 10 | Cash | 40 | |
| Inventory | 32 | ||
| Retained Earnings | 8 | ||
| Sold and delivered product to customer | |||
| Mar 11 | Cash | 25 | |
| Retained Earnings | 25 | ||
| Sold, delivered, and received payment for service with no clear associated cost |
What is the final amount in Retained Earnings?
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