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Question (25 marks) XYZ Instruments, Inc. sells musical instruments. On December 31, 2019, after its first...

Question

XYZ Instruments, Inc. sells musical instruments. On December 31, 2019, after its first month of business, XYZ Instruments, Inc. had the following balances in its accounts, listed alphabetically.

Accounts Receivable

$ 5,000

Accounts Payable

15,000

Advertising Expense

2,000

Building

17,500

Cash

?

Common Stock

200,000

Dividends

6000

Equipment

10,000

Land

35,000

Notes Payable

50,000

Office Supplies

3,700

Salaries Expense

3,000

Service Revenue

45,000

Utilities Expense

4,050

Instructions: Determine the balance in the cash account and prepare the trial balance.

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Homework Answers

Answer #1
Trial balance
General ledger Debit Credit
Account receivable 5000
account payable 15000
advertising expense 2000
Building 17500
Cash 223750
Common stock 200000
Dividends 6000
Equipement 10000
Land 35000
Notes payable 50000
Office supplies 3700
Salaries expense 3000
Service revenue 45000
Utility expense 4050
Total 310000 310000
Cash balance is the difference between credit and debit column
Which is 310000-86250
223750
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