The Balances for the Accounts of Milo's Management Co

question 181

Essay

The balances for the accounts of Milo's Management Co. for the year ended December 31 are shown below. Each account shown had a normal balance.
$\begin{array} { l | r | l | r } \text { Accounts Payable..... } & \$ 6,500 & \text { Wages Expense } \ldots \ldots \ldots & 36,000 \\\hline \text { Accounts Receivable... } & 7,000 & \text { Rent Expense } \ldots \ldots \ldots \ldots & 6,000 \\\hline \text { Cash } \ldots \ldots \ldots \ldots \ldots \ldots \ldots & ? & & \\\hline\end{array}$
$$\begin{array} { | l | r | l | r } \hline \text { Offee Supplies. } & { 1,200 } & & \\\hline \text { Building } \ldots \ldots \ldots \ldots \ldots & 125,000 & & \\\hline \text { Supplies Expense...... } & 21,500 & \text { Land } \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 50,000 \\\hline \text { D. Milo, Capital ......... } & 118,700 & \text { Unearned Management Fegt } & 4,000 \\\hline \text { Management Revenue. } & 175,000 & \text { D. Milo. Withdrawrals } & 48,000\end{array}$$ Calculate the correct balance for Cash and prepare a trial balance.

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Definitions:

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The amount paid out of pocket by the policyholder before an insurance policy begins to pay.