Consider the following account starting balances and transactions involving these accounts.
Use T-accounts to record the starting balances and the offsetting entries for the transactions.
The starting balance of Cash is $9,100
The starting balance of Inventory is $4,800
The starting balance of Retained Earnings is $24,700
1. Sell product for $30 in cash with historical cost of $24
2. Sell, deliver, and receive payment of $40 for service
3. Consume good or service and pay expense of $2
What is the final amount in Retained Earnings?