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Determine the balance in the cash account

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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.

Reference no: EM132526210

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