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 $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?
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