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Question
Bologna Lodging had the following accounts and balances as of December 31:
AccountDebit CreditCash$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.
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