Acme Inc. began the year with $77,000 of cash. During the ye…
Acme Inc. began the year with $77,000 of cash. During the year, Acme Inc. purchased $20,000 of supplies for cash, sold merchandise for $40,000 in cash, paid suppliers $15,000 cash for inventory previously purchased on account, and paid salaries of $22,000. Post each of these items to the following t-account for cash and compute the ending balance. You do not need to fill all blanks, type “blank” in any blanks you do not fill with a number. Do not enter dollar signs. Cash | | | | ________________ | _________________ |