Musical Instruments Company Sells Musical Instruments Determine the Balance in the Cash Account and Prepare the Month

question 125

Essay

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

Analyze the impact of trade deficits and surpluses on a country's economy.

Understand the role of opportunity costs in determining trade relationships.

Describe the benefits and potential drawbacks of specialization and trade.

Analyze the reasons economists prefer free trade over protectionist policies.

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