2024 – T account 1 Consider the following account starting balances and

T account

 

#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 $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 with historical cost of $40

What is the final amount in Cash?

 

#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 $9,100
The starting balance of Debt is $2,400
The starting balance of Inventory is $4,800

1. Buy $18 worth of manufacturing supplies on credit
2. Borrow $53 from a bank
3. Pay $8 owed to a supplier

What is the final amount in Debt?

 

#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 $8,400
The starting balance of Inventory is $4,200
The starting balance of Retained Earnings is $23,500

1. Pay expense of $2
2.Sell product for $40 with historical cost of $32
3. Sell service for $25