A company had the following accounts and balances as of December 31:AccountCashAccounts ReceivableSuppliesPrepaid InsuranceAccounts PayableTotal equityLodging RevenueSalaries ExpenseUtilities ExpenseTotalsMultiple ChoiceO$24,900.Using the information in the table, calculate the total assets reported on the balance sheet for the$25,400.$22,500.$25,900.Debit$ 20,0002,0001,5001,400$23,400.Credit$ 4,00014,9007,000500500$ 25,900 $ 25,900

Assets are the resources owned by the business with the intention to derive future benefit. Assets…

A company had the following accounts and balances as of Decem Account Cash Accounts Receivable Supplies Prepaid Insurance Accounts Payable Total equity Lodging Revenue Salaries Expense Utilities Expense Totals Debit $ 20,000 2,000 1,500 1,400 500 500 $ 25,900 Credit $ 4,000 14,900 7,000 $ 25,900

A company had the following accounts and balances as of Decem Account Cash Accounts Receivable Supplies Prepaid Insurance Accounts Payable Total equity Lodging Revenue Salaries Expense Utilities Expense Totals Debit $ 20,000 2,000 1,500 1,400 500 500 $ 25,900 Credit $ 4,000 14,900 7,000 $ 25,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A company had the following accounts and balances as of December 31:
Account
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Accounts Payable
Total equity
Lodging Revenue
Salaries Expense
Utilities Expense
Totals
Multiple Choice
O
$24,900.
Using the information in the table, calculate the total assets reported on the balance sheet for the
$25,400.
$22,500.
$25,900.
Debit
$ 20,000
2,000
1,500
1,400
$23,400.
Credit
$ 4,000
14,900
7,000
500
500
$ 25,900 $ 25,900

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