Musical Instruments, Inc Determine the Balance in the Cash Account and Prepare the After

question 129

Essay

Musical Instruments, Inc. sells musical instruments. On December 31, 2019, after its first month of business, Musical Instruments, Inc. had the following balances in its accounts, listed alphabetically.
$$\begin{array} { | l | r | } \hline \text { Accounts Receivable } & \$ 5,000 \\\hline \text { Accounts Payable } & 15,000 \\\hline \text { Advertising Expense } & 2,000 \\\hline \text { Building } & 16,500 \\\hline \text { Cash } & ?\\\hline \text { Common Stock } & 50,000 \\\hline \text { Dividends } &1,200 \\\hline \text { Equipment } & 2,000 \\\hline \text { Land } &70,000 \\\hline \text { Notes Payable } & 60,000 \\\hline \text { Office Supplies } & 3,400 \\\hline \text { Prepaid Rent } & 1,200\\\hline \text { Salaries Expense } & 4,000\\\hline \text { Service Revenue } &72,000 \\\hline \text { Utilities Expense } & 4,100\end{array}$$ Determine the balance in the cash account and prepare the trial balance.

Understand the psychological and physiological mechanisms behind the effectiveness of placebos.

Recognize the importance of client expectations in the success of psychotherapy.

Appreciate cultural influences on attitudes towards mental health care and therapy.

Identify factors contributing to the perceived effectiveness of therapies.

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Definitions:

Release

To allow or enable escape from confinement; in legal terms, it can involve the relinquishing of a right or claim.

Hang-gliding

An air sport where a pilot flies a light and non-motorized foot-launchable aircraft called a hang glider.

Responsible

Having an obligation to do something, or having control over or care for someone, as part of one's job or role.

Waiver

The voluntary relinquishment or surrender of a right, claim, or privilege.