Question details

Consider the following account starting balances and transactions involving
$ 15.00

T Accounts questions, a total of 7. All answers have to be correct;otherwise, replacement questions given.

1.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?

 

2. 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?

 

3. 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?

 

Questions 4-7 will be uploaded with images.

Available solutions