The bookkeeper for Galloway Paints made the following journal entry to record a transaction that took place on April 23, Year 2:

Debit Credit
Inventory 25,000
Accounts Payable 19,500
Cash 5,500

Before the journal entry above, Galloway had assets of $440,000; liabilities of $225,000; and owners' equity of $215,000. calculate the amount of Total assets after the above transaction

Answer rating: 100% (QA)

To calculate the new total assets after the transaction we need to add th... View the full answer