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

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

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?

business accounting

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Answer 1

Answer #1

Final amount in inventory = Starting inventory balance + Purchase of manufacturing supplies - Sale of inventory (historical cost)

= $3,800 + $16 - $30

= $3,786 Final amount in inventory

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Answer 2

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