The Following Entries Were Made by the Accountant of Patel

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.
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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