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Home Q & A Board Other Fields Homework Help Business Accounting
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Melody Instruments Company sells musical instruments. On December 31, 2017, after its first month of business, Melody Instruments had the following balances in its accounts, listed alphabetically.

Accounts Receivable$5,000
Accounts Payable15,000
Advertising Expense2,000
Building16,500
Cash?
L. Melody, Capital50,000
L. Melody, Withdrawals1,200
Equipment2,000
Land70,000
Notes Payable60,000
Office Supplies3,400

Salaries Expense4,000
Service Revenue72,000
Utilities Expense4,100

Determine the balance in the cash account and prepare the trial balance.
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
Authors:
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More solutions for this book are available here
 In the given problem, the cash balance is the difference between the debit and credit columns of the Trial Balance.
Melody Instruments Company
Trial Balance
December 31, 2017

Account TitleDebitCredit
Cash$88,800
Accounts Receivable 5,000
Office Supplies3,400
Equipment2,000
Building16,500
Land70,000
Accounts Payable$15,000
Notes Payable60,000
L. Melody, Capital50,000
L. Melody, Withdrawals1,200
Service Revenue72,000
Utilities Expense4,100
Salaries Expense4,000
Advertising Expense2,000_______
Total$197,000$197,000

Cash balance = $197,000 - $108,200 = $88,800

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improvegrades Author
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4 years ago
Appreciate the effort you put into answering, thank you!
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4 years ago
You're very welcome
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