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Question - XYZ Instruments, Inc. sells musical instruments. On December 31, 2019, after its first month of business, XYZ Instruments, Inc. had the following balances in its accounts, listed alphabetically.
Accounts Receivable $5,000
Accounts Payable 15,000
Advertising Expense 2,000
Building 17,500
Cash ?
Common Stock 200,000
Dividends 6000
Equipment 10,000
Land 350,000
Notes Payable 50,000
Office Supplies 3,700
Salaries Expense 3,000
Service Revenue 45,000
Utilities Expense 4,050
Required - Determine the balance in the cash account and prepare the trial balance.
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