Paradise Lodging had the following accounts and balances as…
Paradise Lodging had the following accounts and balances as of December 31: Account Debit Credit Cash $ 20,000 Accounts Receivable 2,000 Salaries Expense 500 Accounts Payable $ 4,000 Lodging Revenue 7,000 Utilities Expense 500 Prepaid Insurance 1,400 Supplies 1,500 Common Stock 10,000 Retained Earnings 4,900 Totals $ 25,900 $ 25,900 Using the information in the table, calculate the total assets reported on Bologna’s balance sheet for the period.