The Balances for the Accounts of Milo's Management Co Calculate the Correct Balance for Cash and Prepare a Trial

question 217

Essay

The balances for the accounts of Milo's Management Co., Inc. for the year ended December 31 are shown below. Each account shown had a normal balance. $\begin{array}{c}\begin{array}{lr}\text { Accounts payable..... } & \$ 6,500 \\\text { Accounts receivable... } & 7,000 \\\text { Cash ............... } & \text { ? } \\\text { Office supplies. } & 1,200 \\\text { Building ........... } & 125,000 \\\text { Supplies expense..... } & 21,500 \\\text { Common stock ........ } & 118,700 \\\text { Management revenue. } & 175,000 \end{array}\begin{array}{lr} \text { Wages expense}&36,000\\ \text { Rent expense}&6,000\\\\\\ \text { Land}&50,000\\ \text { Unearned management}\\ \text { fees}&4,000\\ \text { Dividends}&48,000\end{array}\end{array}$
Calculate the correct balance for Cash and prepare a trial balance.

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Definitions:

Shaping

A method of behavior training in which positive reinforcement is used to gradually guide an individual toward a desired behavior.

Positive Reinforcement

A process in behavioral psychology where the introduction of a rewarding stimulus following a desired behavior increases the likelihood of that behavior occurring in the future.

Secondary Reinforcement

A stimulus that gains its reinforcing power through its association with a primary reinforcer, such as praise, tokens, or money.

Operant Conditioning

A technique in education where the potency of an action is transformed by the use of encouragements or punishments.