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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Siam Traders
Balance Sheet
As of January 24, 2021
(amounts in thousands)
9,100 Accounts Payable
4,400
Debt
4,800 Other Liabilities
Total Liabilities
4,900
Paid-In Capital
6,900
Retained Earnings
24,700
Total Equity
31,600
Total Assets
36,500
Total Liabilities & Equity 36,500
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.
Cash
Accounts Receivable
Inventory
Property Plant & Equipment 15,600
Other Assets
2,600
1,900
2,400
600
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?

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