Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record...
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Accounting
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 $3,600 The starting balance of Cash is $12,500 The starting balance of Inventory is $5,200
1. Sell product for $40 in cash with historical cost of $40 2. Receive payment of $13 owed by a customer 3. Buy $14 worth of manufacturing supplies for cash
What is the final amount in Accounts Receivable?
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