Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Jul 2017 My Price 6.00

T-account

Problem 4-1Set up the following in T-account form and determine the ending balances insofar as these accounts are concerned. (Not all balance sheet accounts are shown.)

 

Beginning Balances

Account

Dr.

Cr.

Cash

$900

  

Accounts receivable

3,000

  

Inventory

5,700

  

Accounts Payable

  

$3,600

Note payable

  

950

 

Transactions:

1. Purchased inventory on account $2,350

2. Sold goods on account: sales revenues 6,350

Cost of goods sold 4,150

3. Paid Vendors 3,400

4. Collected from customers 5350

5. Paid off note payable 950

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Jul 2017 10:07 AM My Price 6.00

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