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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

    © BrainMass Inc. brainmass.com October 9, 2019, 7:32 pm ad1c9bdddf
    https://brainmass.com/business/t-accounts/t-accounts-121036

    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