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T-accounts

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Set up the following in T-account form and determine the ending balance insofar as these accounts are concerned.
BEGINNING BAL.

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 5,350
5. Paid off note payable 950

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Solution Summary

This solution is comprised of a detailed explanation to set up the following in T-account form and determine the ending balance insofar as these accounts are concerned.

$2.19
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