Required information The following information applies to th

Required information [The following information applies to the questions displayed below The following entry appears in Galloway Paints general journal on April 23, 2018: Inventory 26,600 Accounts Payable Cash 20,309 6,300 This transaction involves: Multiple Choice Gelloway\'s collection of $6.300 on an account payable Payment of $6.300 cash by Gelloway A $26.600 overall increese in Galloway\'s assets Sale of inventory by Galloway for $26.600

Solution

Payment of $6300 cash by Galloway as Cash account is credited Option 2 is correct