Question 34 2.5 pts 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, what is the balance in the Cash account? $7,500 O $7.100 O $5,700 O $16,700 Question 33 2.5 pts Sharon Samson starts a plumbing service named Reliable Waterworks. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first month. E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future. F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash. G) Sharon takes a cash withdrawal of $2,500. After all of the transactions, what is the amount of total assets? O $25,700 O $5,200 $24,200 O $20,200 Question 35 2.5 pts The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested $7,000 cash in his new design services business. 2. The business paid the first month's rent with $700 cash. 3. The business purchased equipment by paying $2,000 down and executing a note payable for $4,500. 4. The business purchased supplies for $850 cash. 5. The business billed its clients a total of $4,000 for design services rendered. 6. The business collected $3,000 on account from one of its clients. What is the balance in Accounts receivable? O $8,500 O $1,000 O $7,000 0 $4,000