Question

Lightspeed Industries Balance Sheet As of January 24, 2020 (amounts in thousands) 14,100 Accounts Payable 3,200 Debt Cash 1,900 3,600 Accounts Receivable 2,000 Inventory Property Plant & Equipment 7,500 Other Assets 7,200 4,900 Other Liabilities 16,300 Total Liabilities 500 Paid-In Capital Retained Earnings Total Equity 39,000 Total Liabilities & Equity 24,300 Total Assets 31,500 39,000 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. Issue $80,000 in stock Jan 26. Borrow $65,000 from a bank Jan 27. Receive payment of $12,000 owed by a customer Jan 28. Pay $6,000 owed to a supplier Jan 29. Buy $17,000 worth of manufacturing supplies on credit What is the final amount in Total Assets? Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars. Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet). Open Glossary in separate tab

Answer 1

Date	Journal	Debit	Credit
Jan 25	Cash	80000
	Paid in Capital		80000
Jan 26	Cash	65000
	Debt		65000
Jan 27	Cash	12000
	Accounts Receivables		12000
Jan 28	Accounts payable	6000
	Cash		6000
Jan 29	Inventory	17000
	Accounts Payables		17000

Cash
Date	Debit	Date	Credit
Jan 24	14100000	Jan 28	6000
Jan 25	80000
Jan 26	65000
Jan 27	12000
Balance	14251000
Paid IN Capital
Date	Debit	Date	Credit
		Jan 24	7200000
		Jan 25	80000
		Balance	7280000
Debt
Date	Debit	Date	Credit
		Jan 24	3600000
		Jan 26	65000
		Balance	3665000
Accounts Receivables
Date	Debit	Date	Credit
Jan 24	3200000	Jan 27	12000
Balance	3188000
Accounts Payables
Date	Debit	Date	Credit
Jan 28	6000	Jan 24	1900000
		Jan 29	17000
		Balance	1911000
Inventory
Date	Debit	Date	Credit
Jan 24	4900000
Jan 29	17000
Balance	4917000

Balance Sheet
As of January 24, 2020 (Amount in thousands)
Cash	14251	Accounts Payable	1911
Accounts Receivables	3188	Debt	3665
Inventory	4917	Other Liabilities	2000
PPE	16300	Total Liabilities	7576
Other Assets	500	Paid in Capital	7280
		Retained Earnings	24300
		Total Equity	31580
Total Assets	39156	Total Liabilities and Equity	39156