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.

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Definitions:

Try-Catch-Throw Trio

This refers to the combination of using try and catch blocks along with a throw statement in exception handling, allowing for errors to be caught and possibly re-thrown for further handling.

Handling Exceptions

Handling exceptions involves writing code that responds to errors during program execution in a controlled manner, thereby preventing the program from crashing unexpectedly.

RuntimeException

A type of exception in programming that indicates errors that can occur during the execution of a program and are not checked by the compiler, such as division by zero or invalid array indexes.

Catch Or Declare Rule

A rule in Java that requires a method to either catch an exception with a try-catch block or declare it in the method's signature if it can throw checked exceptions.