Required information tThe following information applies to t

Required information tThe following information applies to the questions displayed below) The following entry appears in Galloway Paints general journal on April 23, 2018: Inventory 26,6e9 Accounts Payable Cash 28,300 6,3e0 efore the journal entry above, Galloway had assets of $456,000. liabilnes of $233000. and owners equity of $223,000. Tota ssets immediately after the above transaction has been recorded amount to Multiple Choice $482.600 $435,700 $476 300 $456.000. Prey 20 20

Solution

Answer

Inventory account has been debited by $26,600 [hence, increased]

Cash account has been credited by $ 6,300 [hence, decreased]

Balance before Entry + Increase in Inventory – Decrease in Cash

$ 456,000 + $ 26,600 – $ 6,300

= $ 476,300