Hi I asked this question previously and the individual did not explain things clearly. For instance he provided the I'm guessing standard method of finding a missing amount on a certain type of T-Account but then would turn around and solve it using a different method. I am posting the response that were not clear below. If you could tell me what the actual method is and if there exceptions and if so what those are.
Answer #1 I needed the BEGINNING balance of a debit account. As you can see the response below the individual provided a formula that included the BB which is UNKOWN because that is WHAT I NEED. At the bottom they change around the equation to come to the answer. So what is the proper way???
Part-1. Begining balance of cash account is missing. The cash account is having a debit balance always. The formula for Cash account is as under:
Ending balance of Cash Account = Begining Balance of cash account + All debits - All credits
Ending Balance of cash = 9800
All debits total = 2500+4000+3400= 9900
All Credits total =4500+2200+3500= 10200
Therefore, as per above formula equation:
Begining Balance of cash account = Ending balance + All credits -All debits = 9800+10200-9900 = 10100
Step 3-Need ENDING BALACE on Asset account. On this one the first person who helped me gave the method to find the amount. However when they entered the numbers to show how it added it up. It doesn't there are two = signs in the method containing the numbers from the question.
Part -3. Inventory is a assets account having debit balance. The formula for computing the ending balance of inventory account is as under:
Ending balance of inventory = Begining inventory balance+ All debits - All credits
Beginning inventory balance = 40000
All debits = 5000
All credits = 8000+25000= 33000
Ending balance of Inventory account = 40000+5000-33000 = 12000
Part -4 Taxes payable liability is having a credit balance and the formula is as under: AGAIN AN INSTANCE WHERE THE INDIVIDUAL PROVIDED ONE FORMULA OR METHOD TO FIND A DEBIT TRANSACTION ON A CREDIT ACCOUNT. WHY HAVE SO MANY OF THESE ANSWERS SHOWN AN INITIAL METHOD AND THEN A DIFFERENT SECOND METHOD?? THIS DOESN'T HELP THINK HOW TO FIGURE AND FIND THE CORRECT ANSWER!
Ending balance of Taxes payable = Begining balance of Taxes payable + All crdits - All debits
Ending balance =40500
All credit total =25000+3500 = 38500
Begining balance = 30000
Therefore, Debit amount = Beginning balance of Taxes payable+All credit totals- Ending balance of Taxes payable
Debit amount = 30000+28500-40500 =18000
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