The Following Entries Were Made by the Accountant of Patel

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