Problem 4-1 Set up the following in T-account form and determine the ending balances insofar as

Problem 4-1Set
up the following in T-account form and determine the ending balances
insofar as these accounts are concerned. (Not all balance sheet accounts
are shown.)

Beginning Balances

Account

Dr.

Cr.

Cash

$900

Accounts receivable

3,000

Inventory

5,700

Accounts Payable

$3,600

Note payable

950

Transactions:
1. Purchased inventory on account $2,350
2. Sold goods on account: sales revenues 6,350
Cost of goods sold 4,150
3. Paid Vendors 3,400
4. Collected from customers 5350
5. Paid off note payable 950