Bologna Lodging Had the Following Accounts and Balances as of December

question 147

Multiple Choice

Bologna Lodging had the following accounts and balances as of December 31: $\begin{array}{|l|c|c|}\hline \text { Account } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 20,000 & \\\hline \text { Accounts Receivable } & 2,000 & \\\hline \text { Salaries Expense } & 500 & \\\hline \text { Accounts Payable } & & \$ 4,000 \\\hline \text { Lodging Revenue } & & 7,000 \\\hline \text { Utilities Expense } & 500 & \\\hline \text { Prepaid Insurance } & 1,400 & \\\hline \text { Supplies } & 1,500 & \\\hline \text { B. Oscar, Capital } & & 14,900 \\\hline \text { Totals } & \$ 25,900 & \$ 25,900 \\\hline\end{array}$
Using the information in the table, calculate the total assets reported on Bologna's balance sheet for the period.

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

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Definitions:

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