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Lightspeed Industries Balance Sheet As of January 24, 2018 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets 1,900 3,600 2,000 7,500 7,200 24,300 31,500 39,000 14,100 Accounts Payable 3,200 Debt 4,900 Other Liabilities 16,300 Total Liabilities 500 Paid-In Capital Retained Earnings Total Equity Total Assets 39,000 Total Liabilities & Equity 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. Sell, deliver, and receive payment of $20,000 for service Jan 26. Consume good or service and pay expense of $3,000 Jan 27. Sell product for $25,000 in cash with historical cost of $20,000 What is the final amount in Total Assets? Please specify your answer in the same units as the balance sheet.

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Journal entries Date Account Debit Credit 25-Jan Cash $ 20,000 Service Revenue S 20,000 (To record cash received for services rendered) 26-Jan Expenses $3,000 Cash $ 3,000 (To record goods or service consumed) 1 27-Jan Cash $ 25,000 $25,000 Sales Revenue Cost of goods sold Inventory $ 20,000 S 20,000

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