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:

Appeal

The process of applying to a higher court for a reversal of the decision of a lower court.

De Novo Review

A legal term referring to a court's review of a matter without regard for the previous court's findings, effectively starting anew.

Appellate Court

A court that reviews and potentially reverses decisions made by lower courts, often focusing on legal errors rather than factual disputes.

Jury's Finding

The determination or decision made by a jury regarding the facts of a case, which influences the final verdict.