T-Account Formulas Please provide the formulas (Typed out and not in an Excel Sheet) and answers to the following problems. DEBIT SIDE OF T-ACCOUNTS 1) Find Beginning Balance CASH Debit Side 1/1 Beginning Balance UNKNOWN 1/3 Transaction A 2,500 1/15 Transaction B 4,000 1/28 Transaction E 3,400 Ending Balance 9,800 Credit Side 1/16 Transaction C 4,500 1/20 Transaction D 2,200 1/29 Transaction F 3,500 Problem 2) Find Ending Balance INVENTORY Debit Side 4/1 Beginning Balance 40,000 4/15 Transaction B 5,000 Ending Balance UNKNOWN Credit Side 4/9 Transaction A 8,000 4/28 Transaction C 25,000 SELLING EXPENSE Problem 3) Find Credit Amount Debit Side Beginning Balance 0 1/5 Transaction A 1,500 1/13 Transaction B 6,000 1/28 Transaction C 8,700 Ending Balance 14,700 Credit Side 1/9 Transaction D UNKNOWN INTEREST EXPENSE Problem 4) Find Debit Amount Debit Side 8/1 Beginning Balance 800 8/7 Transaction A UNKNOWN8/14 Transaction B 500 Ending Balance 1,800 Credit Side No Transactions CREDIT SIDE OF T-ACCOUNTS Problem 1) Find Debit(s) SERVICE FEE REVENUE Debit Side (2-7) 3/28 UNKNOWN 3/15 2,000 Credit Side 3/1 Beginning Balance 6.000 3/6 Transaction A 3,000 3/22 Transaction B 3,500 Ending Balance 10,500d Problem 2) Find Credit(s) ACCOUNTS PAYABLE Debit Side 6/4 Transaction A 1,500 6/8 Transaction C 2,000 Credit Side 6/1 Beginning Balance 3,000 6/6 Transaction B UNKOWN 6/29 Transaction D 3,400 Please Provide Formulas for Finding the Beginning and Ending Balances as well

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 4.3C

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T-Account Formulas

Please provide the formulas (Typed out and not in an Excel Sheet) and answers to the following problems.

DEBIT SIDE OF T-ACCOUNTS

1) Find Beginning Balance

CASH

Debit Side

1/1 Beginning Balance UNKNOWN
1/3 Transaction A 2,500
1/15 Transaction B 4,000
1/28 Transaction E 3,400
Ending Balance 9,800

Credit Side

1/16 Transaction C 4,500
1/20 Transaction D 2,200
1/29 Transaction F 3,500

Problem 2) Find Ending Balance

INVENTORY

Debit Side

4/1 Beginning Balance 40,000
4/15 Transaction B 5,000
Ending Balance UNKNOWN

Credit Side

4/9 Transaction A 8,000
4/28 Transaction C 25,000

SELLING EXPENSE

Problem 3) Find Credit Amount

Debit Side

Beginning Balance 0
1/5 Transaction A 1,500
1/13 Transaction B 6,000
1/28 Transaction C 8,700
Ending Balance 14,700

Credit Side

1/9 Transaction D UNKNOWN

INTEREST EXPENSE

Problem 4) Find Debit Amount

Debit Side

8/1 Beginning Balance 800
8/7 Transaction A UNKNOWN
8/14 Transaction B 500
Ending Balance 1,800

Credit Side

No Transactions

CREDIT SIDE OF T-ACCOUNTS

Problem 1) Find Debit(s)

SERVICE FEE REVENUE

Debit Side (2-7)

3/28 UNKNOWN
3/15 2,000

Credit Side

3/1 Beginning Balance 6.000
3/6 Transaction A 3,000
3/22 Transaction B 3,500
Ending Balance 10,500d

Problem 2) Find Credit(s)

ACCOUNTS PAYABLE

Debit Side

6/4 Transaction A 1,500
6/8 Transaction C 2,000

Credit Side

6/1 Beginning Balance 3,000
6/6 Transaction B UNKOWN
6/29 Transaction D 3,400

***Please Provide Formulas for Finding the Beginning and Ending Balances as well***

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