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.

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