The Following Entries Were Made by the Accountant of Patel

question 51

Multiple Choice

The following entries were made by the accountant of Patel Pastries during its first month of operation. 1. James Patel, the owner, deposited $3 000 in the business new bank account.
2. Patel Pastries paid the first month's rent of $400 in cash.
3. Patel Pastries purchased equipment by borrowing $11 000.
4. Cash sales for the month were $4 500.
5. Patel Pastries purchased cooking supplies for $1 400 cash.
After the accountant posts these entries to the general ledger, how much are total assets?

• A)$7 100
• B)$16 700
• C)$18 100
• D)$6 100

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Definitions:

Symbol "c"

Typically represents the speed of light in scientific contexts, but can also denote copyright in text or artistic works.

Plain Language

Writing or speech that is clear, straightforward, and easy to understand, often used to make information accessible to a wider audience.

Business Correspondence

Written communication between businesses or within a business, encompassing letters, emails, memos, and reports.

Formality Levels

Degrees of strictness or casualness in language and communication, often adjusted based on context and audience.