PARRISH 2-7 #4 HOW TO SOLVE A T-ACCOUNT I have had to ask this type of question over and over with no success. I have copied and pasted one of the instances where I asked the question and the poor answer I received. So I have two questions 1) Is there a standard formula you use when you have a problem to solve that involves finding the missing amount on a T-Account ( I know what a T-Account is I know what posting is, so I don’t need an answer to that). For example, if I need to find the Beginning Balance, or the Ending Balance or a missing transaction amount, is it the same process? 2) If there is not a standard formula then how do I find the missing amount? Lastly would you please explain WHY 6,700 + 1,500 + 2,000 were added together and 3,000 and 3,400 were subtracted? HERE IS THE ORIGINAL QUESTION AND ANSWERWould you- please provide the correct answers for these T-Account problems.Please provide a clear formula and explanation on how to find the missing amount. No Excel answer format.1) Left Side6/4 $15006/8 $2000Right SideBeginning Balance $30006/6 Unknown6/29 $3400Ending Balance $6700Step 1T-account: T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.Step 2The unknown amount is $3,800 ($6,700+$1,500+$2,000-$3,000-$3,400).
PARRISH 2-7 #4 HOW TO SOLVE A T-ACCOUNT
I have had to ask this type of question over and over with no success. I have copied and pasted one of the instances where I asked the question and the poor answer I received. So I have two questions
1) Is there a standard formula you use when you have a problem to solve that involves finding the missing amount on a T-Account ( I know what a T-Account is I know what posting is, so I don’t need an answer to that). For example, if I need to find the Beginning Balance, or the Ending Balance or a missing transaction amount, is it the same process?
2) If there is not a standard formula then how do I find the missing amount?
Lastly would you please explain WHY 6,700 + 1,500 + 2,000 were added together and 3,000 and 3,400 were subtracted?
HERE IS THE ORIGINAL QUESTION AND ANSWER
Would you- please provide the correct answers for these T-Account problems.
Please provide a clear formula and explanation on how to find the missing amount. No Excel answer format.
1) Left Side
6/4 $1500
6/8 $2000
Right Side
Beginning Balance $3000
6/6 Unknown
6/29 $3400
Ending Balance $6700
Step 1
T-account: T-account is the form of the ledger account, where the
Step 2
The unknown amount is $3,800 ($6,700+$1,500+$2,000-$3,000-$3,400).
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