Principles of financial accounting

Reference no: EM131015035

Yuri Kane

2015 Principles of Financial Accounting: Winter 2015 Online

Test 1 (Modules 1-3)

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The following entry appears in Galloway Paints general journal on April 23, 2015:

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24. Required information
Refer to the information above. This transaction involves:

Galloway's collection of $20,000 on an account payable.
Payment of $6,000 cash by Galloway.
A $26,000 overall increase in Galloway's assets.
Sale of inventory by Galloway for $26,000.

25. Required information
Refer to the information above. 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:

$430,000.
$450,000.
$470,000.
$476,000.

Reference no: EM131015035

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