# T-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

Question
12 views

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

check_circle

Step 1

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.

Step 2

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...

### Want to see the full answer?

See Solution

#### Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in 