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.

Understand the role of attribution theories in interpreting behaviors.

Recognize the characteristics and motivations behind high achievement needs.

Understand the impact of extrinsic rewards on intrinsic motivation and behavior.

Comprehend the various theories of emotion and their implications.

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Definitions:

SWOT Analysis

A method of conducting a situation analysis within a marketing plan in which both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats are examined.

Strategic Business Unit

A semi-autonomous division or unit of a company that focuses on a specific market or product line, having its own strategy and objectives.

Lifetime Value

The total net profit a company expects to make from a customer over the entire duration of their relationship.

Operational Excellence

An element of organizational leadership that stresses the application of a variety of principles, systems, and tools toward the sustainable improvement of key performance metrics.