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The bookkeeper for Galloway Paints made the following journal entry to record a transaction that...

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Accounting

The bookkeeper for Galloway Paints made the following journal entry to record a transaction that took place on April 23, Year 2: Debit Credit Inventory 25,400 Accounts Payable 19,700 Cash 5,700 Before the journal entry above, Galloway had assets of $444,000; liabilities of $227,000; and owners' equity of $217,000. Total assets immediately after the above transaction has been recorded amount to: Multiple Choice $469,400. $424,300. $463,700. $444,000

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