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

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

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 $14,700
The starting balance of Inventory is $3,800
The starting balance of Retained Earnings is $22,900

Date	Accounts and Explanation	Debit	Credit
Mar 9	Cash	35
	Inventory		28
	Retained Earnings		7
	Sold and delivered product to customer
Mar 10	Cash	20
	Retained Earnings		20
	Sold, delivered, and received payment for service with no clear associated cost
Mar 11	Retained Earnings	3
	Cash		3
	Consumed good or service and paid expense with cash

What is the final amount in Retained Earnings?

business accounting

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Answer 1

Answer #1

Final amount in Retained Earnings = $46,900

Explanation;

Retained Earnings
Date	Debit	Credit
Beginning balance		$22,900
March 9		$7,000
March 10		$20,000
March 11	$3,000
Ending balance	$46,900
Total	$49,900	$49,900

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Answer 2

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