Q1. 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 $4,800
The starting balance of Cash is $14,700
The starting balance of Inventory is $3,800
1. Receive payment of $10 owed by a customer
2. Buy $16 worth of manufacturing supplies for cash
3. Sell product for $30 in cash with historical cost of $30
What is the final amount in Inventory?
Q2. 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 Payable is $1,900
The starting balance of Cash is $14,100
The starting balance of Debt is $3,600
The starting balance of Inventory is $4,900
1. Borrow $59 from a bank
2. Pay $4 owed to a supplier
3. Buy $18 worth of manufacturing supplies on credit
What is the final amount in Accounts Payable?
Q3. 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 $14,300
The starting balance of Inventory is $5,800
The starting balance of Retained Earnings is $22,900
1. Sell, deliver, and receive payment of $25 for service
2. Consume good or service and pay expense of $1
3. Sell product for $30 in cash with historical cost of $24
What is the final amount in Retained Earnings?