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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
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 26,000 Accounts Payable Cash 20,000 6,000 Before the journal entry above, Galloway had assets of $450,000; liabilities of $230,000; and owners' equity of $220,000. Total assets immediately after the above transaction has been recorded amount to: Multiple Choice $450,000 $476,000. $470,000 $430,000
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