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 $4,100
The starting balance of Cash is $14,300
The starting balance of Inventory is $5,800

1. Buy $17 worth of manufacturing supplies for cash
2. Sell product for $30 in cash with historical cost of $30
3. Receive payment of $11 owed by a customer

What is the final amount in Accounts Receivable?

Note: No unit adjustments are necessary.

Answer 1

Accounts receivable
Debit	Amount	Credit	Amount
Beg. Bal	4,100
		Cash	11
		Closing balance	4,089
Total	4,100	Total	4,100

Ending balance is $4,089

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