Below are four of Keren Inc.'s T-accounts. 1/1 450 1/1 500 12/31 250 Inventory 600 ?...

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Below are four of Keren Inc.'s T-accounts. 1/1 450 1/1 500 12/31 250 Inventory 600 ? 12/31 1,910 ? Notes Receivable 1,700 640 250 1/1 1/1 700 12/31 820 12/31 ? 690 ? Equipment 130 Notes Payable 830 1,300 1,000 Required: (1) Describe the typical activities that will cause each one of the four accounting to increase and decrease. Example for Inventory: Inventory increases when the company buys inventory and decreases when the company sells it. (2) Compute the missing numbers in the T-accounts. Note: each account is independent of each other. Treat them separately. Example for Inventory: 250=450+ 500-600-xx-100 Below are four of Keren Inc.'s T-accounts. 1/1 450 1/1 500 12/31 250 Inventory 600 ? 12/31 1,910 ? Notes Receivable 1,700 640 250 1/1 1/1 700 12/31 820 12/31 ? 690 ? Equipment 130 Notes Payable 830 1,300 1,000 Required: (1) Describe the typical activities that will cause each one of the four accounting to increase and decrease. Example for Inventory: Inventory increases when the company buys inventory and decreases when the company sells it. (2) Compute the missing numbers in the T-accounts. Note: each account is independent of each other. Treat them separately. Example for Inventory: 250=450+ 500-600-xx-100

Answer rating: 100% (QA)

Req 1 Inventory The Increases in inventory account is caused due to purchase of inventories whether ... View the full answer