The Balances for the Accounts of Mike's Maintenance,Inc Calculate the Correct Balance for Cash and Prepare a Trial

question 174

Essay

The balances for the accounts of Mike's Maintenance,Inc.for the year ended December 31 are shown below.Each account shown had a normal balance.
$\begin{array}{|l|r|l|r|}\hline \text { Accounts payable } & \$ 6,500 & \text { Wages expense } & \$ 36,000 \\\hline \text { Accounts receivable } & 7,000 & \text { Rent expense } & 6,000 \\\hline \text { Cash } & ? & \text { Retained earnings } & 68,700\\\hline \text { Maintenance supplies } & 1,200 & & \\\hline \text { Building } & 125,000 & \text { Land } & 50,000 \\\hline \text { Supplies expense } & 21,500 & \text { Unearned maintenance fees } & 4,000 \\\hline \text { Common stock } & 50,000 & &\\ \hline \text { Maintenance revenue } & 175,000 & \text { Dividends } & 48,000 \\\hline\end{array}$
Calculate the correct balance for Cash and prepare a trial balance.

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Definitions:

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