Question

Ruston Company Balance Sheet As of January 24, 2019 (amounts in thousands)
Cash	9,000	Accounts Payable	1,200
Accounts Receivable	3,400	Debt	3,600
Inventory	5,100	Other Liabilities	2,100
Property Plant & Equipment	17,500	Total Liabilities	6,900
Other Assets	600	Paid-In Capital	5,900
		Retained Earnings	22,800
		Total Equity	28,700
Total Assets	35,600	Total Liabilities & Equity	35,600

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. Borrow $55,000 from a bank
Jan 26. Buy $14,000 worth of manufacturing supplies on credit
Jan 27. Pay $7,000 owed to a supplier
Jan 28. Receive payment of $12,000 owed by a customer
Jan 29. Issue $75,000 in stock

What is the final amount in Total Assets?

Please specify your answer in the same units as the balance sheet.

Answer 1

Date	General journal	Debit	Credit
Jan. 25	Cash	55000
	Debt (bank)		55000
Jan. 26	Other assets (Supplies)	14000
	Accounts payable		14000
Jan. 27	Accounts payable	7000
	Cash		7000
Jan. 28	Cash	12000
	Accounts receivable		12000
Jan. 29	Cash	75000
	Common stock (paid in capital)		75000

Cash
Beg. Bal.	9000	Jan. 27	7
Jan. 25	55
Jan. 28	12
Jan. 29	75
End. Bal.	9135

Accounts receivable
Beg. Bal.	3400	Jan. 28	12
End. Bal.	3388

Inventory
Beg. Bal.	5100
End. Bal.	5100

Property, plant and equipment
Beg. Bal.	17500
End. Bal.	17500

Other assets
Beg. Bal.	600
Jan. 27	14
End. Bal.	614

Accounts payable
Jan. 27	7	Beg. Bal.	1200
		Jan. 26	14
		End. Bal.	1207

Debt
		Beg. Bal.	3600
		Jan. 25	55
		End. Bal.	3655

Other liabilities
		Beg. Bal.	2100
		End. Bal.	2100

Paid in capital
		Beg. Bal.	5900
		Jan. 29	75
		End. Bal.	5975

Retained earnings
		Beg. Bal.	22800
		End. Bal.	22800

Ruston Company Balance Sheet As of January 31, 2019 (amounts in thousands)
Cash	9135	Accounts Payable	1207
Accounts Receivable	3388	Debt	3655
Inventory	5100	Other Liabilities	2100
Property Plant & Equipment	17500	Total Liabilities	6962
Other Assets	614	Paid-In Capital	5975
		Retained Earnings	22800
		Total Equity	28775
Total Assets	$35737	Total Liabilities & Equity	$35737