Consider the following account starting balances and transactions involving thes

Question

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 $3,400 The starting balance of Cash is $9,000 The starting balance of Inventory is $5,100

1. Receive payment of $10 owed by a customer 2. Buy $16 worth of manufacturing supplies for cash 3. Sell product for $40 in cash with historical cost of $40

What is the final amount in Cash?

Explanation / Answer

Final amount in Cash = 9000+10-16+40= $9034

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