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Social ScienceT-Account (Liability) CRNEED UNKOWN CR amountPlease provide in detail the equation for finding out this UNKNOWN CR amount on a CR Liablity Account. Also could you tell me how I would find an unkown DR amount on the same type of Liabilty CR Account. ThanksBeginning Balance $3,000CR-$3,400CR-UNKOWNDR- $1,500DR-$2,000Ending Balance=$6,700
T-Account (Liability) CR
NEED UNKOWN CR amount
Please provide in detail the equation for finding out this UNKNOWN CR amount on a CR Liablity Account. Also could you tell me how I would find an unkown DR amount on the same type of Liabilty CR Account. Thanks
Beginning Balance $3,000
CR-$3,400
CR-UNKOWN
DR- $1,500
DR-$2,000
Ending Balance=$6,700
Expert Answer
The equation to be used for ending balance of Liability Account from where we can find out any missing amount if all the other amounts are given as under:
Ending balance of Liability Account = Begining Balance of Liability + All credits amount - All debits amount
Ending balance = 6700
All debits amount = 1500+2000=3500
Begining Balance = 3000
All credit amounts =(3400+x) (Here the missing credit amount be taken as x)
Therefore as per equation:
6700 = 3000+ (3400+x)-3500
Therefore, x= $ 3800
Hence, Missing credit transaction be equal to $ 3800.
In the same way, the missing debit transaction can be computed when all other information like begining and ending balance of liability account, All credit transac...
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Accounting
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