Question

Melody Instruments, Inc. sells musical instruments. On December 31, 2017, after its first month of business, Melody Instruments, Inc. had the following balances in its accounts, listed alphabetically. Accounts Receivable $ 5,000 Accounts Payable 15,000 Advertising Expense 2,000 Building 16,500 Cash ? Common Stock 50,000 Dividends 1,200 Equipment 2,000 Land 70,000 Notes Payable 60,000 Office Supplies 3,400 Salaries Expense 4,000 Service Revenue 72,000 Utilities Expense 4,100 Determine the balance in the cash account and prepare the trial balance.

Answer 1

Melody Instruments, Inc.
Trial Balance
As on December 31, 2017
Cash ($197,000-$108,200)	$    88,800
Accounts receivable	$      5,000
Office supplies	$      3,400
Land	$    70,000
Building	$    16,500
Equipment	$      2,000
Accounts payable		$    15,000
Notes payable		$    60,000
Common Stock		$    50,000
Dividends	$      1,200
Service Revenue		$    72,000
Advertising expenses	$      2,000
Salaries expense	$      4,000
Utilities expense	$      4,100
Total	$ 197,000	$ 197,000

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