Bologna Lodging Had the Following Accounts and Balances as of December

question 217

Multiple Choice

Bologna Lodging had the following accounts and balances as of December 31: $\begin{array}{l}\begin{array}{lll} \text {Account}\\ \text {Cash}\\ \text {Accounts Receivable}\\ \text {Salaries Expense}\\ \text {Accounts Payable}\\ \text {Lodging Revenue}\\ \text {Utilities Expense}\\ \text {Prepaid Insurance}\\ \text {Supplies}\\ \text {Common Stock}\\ \text {Retained Earnings}\\ \text {Totals}\\\end{array}\begin{array}{lll} \text {Debit }&\text {Credit}\\\$ 20,000 & & \\2,000 & & \\500 & & \\& \$ 4,000 \\& 7,000 \\500 & & \\1,400 & & \\1,500 & & \\& 10,000 \\\underline { \quad\quad\quad\quad }& \underline { 4,900}\\\underline { \$ 25,900}&\underline { \$ 25,900}\\\end{array}\end{array}$ Using the information in the table, calculate the total assets reported on Bologna's balance sheet for the period.

• A) $ 24,900.
• B) $ 25,400.
• C) $ 22,500.
• D) $ 25,900.
• E) $ 23,400.

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