The bookkeeper for Wood Mfg. made the following journal entry on January 30, 2009:
$\begin{array}{|l|c|c|}
\hline \text { Land} & 201,500 & \
\hline \text { Building . } & 84,500 & \
\hline \text { Cash } & & 65,000 \
\hline \text { Notes Payable} & & 221,000 \
\hline
\end{array}$

-Refer to the above data. Before the journal entry above, Wood had assets, liabilities, and equity of $450,000, $100,000, and $350,000, respectively. What are total assets immediately after the above transaction occurs?

Question

The bookkeeper for Wood Mfg. made the following journal entry on January 30, 2009:
$\begin{array}{|l|c|c|}
\hline \text { Land} & 201,500 & \
\hline \text { Building . } & 84,500 & \
\hline \text { Cash } & & 65,000 \
\hline \text { Notes Payable} & & 221,000 \
\hline
\end{array}$

-Refer to the above data. Before the journal entry above, Wood had assets, liabilities, and equity of $450,000, $100,000, and $350,000, respectively. What are total assets immediately after the above transaction occurs?

Quizplus · Accepted Answer

The journal entry is not provided, so the correct answer cannot be determined. However, we do know that the total assets immediately after the transaction would be $671,000, based on the given information that assets were $450,000 before the transaction and the journal entry was made on January 30, 2009.

The Bookkeeper for Wood Mfg -Refer to the Above Data