The Following Entries Were Made by the Accountant of Patel

question 102

Essay

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's new checking account.
2)Patel Pastries paid the first month's rent of $400 in cash.
3)Patel Pastries purchased equipment by signing a note payable of $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) $16,700
B) $18,100
C) $7,100
D) $6,100

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

---

Definitions:

Ethical Perspective

An individual's or group's viewpoint on what constitutes morally right or wrong behavior, often influenced by personal, cultural, or societal values.

Social Desirability Bias

The tendency of respondents to answer questions in a manner that will be viewed favorably by others, often leading to inaccuracies in data collection.

Self-Reported Scores

Scores or data that individuals provide based on their own assessment or perception, often used in surveys or questionnaires.

Influence Dimension

The capacity or power to affect someone's beliefs, attitudes, or actions through direct or indirect means, seen as a critical aspect of leadership.