Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T- accounts, and construct a balance sheet to answer the question. Jan 25. Sell product for $30,000 in cash with historical cost of $24,000 Jan 26. Sell, deliver, and receive payment of $40,000 for service Jan 27. Consume good or service and pay expense of $2,000 What is the final amount in Total Assets?

Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T- accounts, and construct a balance sheet to answer the question. Jan 25. Sell product for $30,000 in cash with historical cost of $24,000 Jan 26. Sell, deliver, and receive payment of $40,000 for service Jan 27. Consume good or service and pay expense of $2,000 What is the final amount in Total Assets?

Name: Siam TradersBalance SheetAs of January 24, 2021(amounts in thousands)
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Siam TradersBalance SheetAs of January 24, 2021(amounts in thousands)9,100 Accounts Payable4,400Debt4,800 Other LiabilitiesTotal Liabilities4,900Paid-In Capital6,900Retained Earnings24,700Total Equity31,600Total Assets36,500Total Liabilities & Equit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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