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What is the final amount in Retained Earnings

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Reference no: EM132522317

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 Cash is $13,700

The starting balance of Inventory is $5,100

The starting balance of Retained Earnings is $24,500

1. Sell, deliver, and receive payment of $20 for service

2. Consume good or service and pay expense of $2

3. Sell product for $25 in cash with historical cost of $20

Required - What is the final amount in Retained Earnings?

Reference no: EM132522317

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