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Question 112

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The following entry appears in Galloway Paints general journal on April 23,2018:
[The following information applies to the questions displayed below.] The following entry appears in Galloway Paints general journal on April 23,2018:    -This transaction involves: A) Galloway's collection of $20,000 on an account payable. B) Payment of $6,000 cash by Galloway. C) A $26,000 overall increase in Galloway's assets. D) Sale of inventory by Galloway for $26,000.
-This transaction involves:


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

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