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 $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?
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