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Carol Instruments Sells Musical Instruments Determine the Balance in the Cash Account and Prepare the Its

Question 143

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Carol Instruments sells musical instruments. On December 31, 2015, after its first month of business, Carol Instruments 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 ??? Carol, Capital 50,000 Carol, Withdrawals 1,200 Equipment 2,000 Land 70,000 Notes Payable 60,000 Salaries Expense 4,000 Service Revenue 72,000 Office Supplies 3,400 Utilities Expense 4,100\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 { Carol, Capital } & 50,000 \\\hline \text { Carol, Withdrawals } & 1,200 \\\hline \text { Equipment } & 2,000 \\\hline \text { Land } & 70,000 \\\hline \text { Notes Payable } & 60,000 \\\hline \text { Salaries Expense } & 4,000 \\\hline \text { Service Revenue } & 72,000 \\\hline \text { Office Supplies } & 3,400 \\\hline \text { Utilities Expense } & 4,100 \\\hline\end{array} Determine the balance in the cash account and prepare the trial balance.

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