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The Balances for the Accounts of Mike's Maintenance,Inc Calculate the Correct Balance for Cash and Prepare a Trial

Question 193

Essay

The balances for the accounts of Mike's Maintenance,Inc.for the year ended December 31 are shown below.Each account shown had a normal balance.
 Accounts payable $6,500 Wages expense $36,000 Accounts receivable 7,000 Rent expense 6,000 Cash ? Retained Earnings 68,700 Maintenance supplies 1,200 Building 125,000 Land 50,000 Supplies expense 21,500 Unearned maintenance fees 4,000 Common Stock 50,000 Maintenance revenue 175,000 Dividends 48,000\begin{array}{|l|r|l|r}\hline \text { Accounts payable } & \$ 6,500 & \text { Wages expense } & \$ 36,000 \\\hline \text { Accounts receivable } & 7,000 & \text { Rent expense } & 6,000 \\\hline \text { Cash } & ? & \text { Retained Earnings } & 68,700 \\\hline \text { Maintenance supplies } & 1,200 & & \\\hline \text { Building } & 125,000 & \text { Land } & 50,000 \\\hline \text { Supplies expense } & 21,500 & \text { Unearned maintenance fees } & 4,000 \\\hline \text { Common Stock } & 50,000 & & \\\hline \text { Maintenance revenue } & 175,000 & \text { Dividends } & 48,000\\\hline \end{array}
Calculate the correct balance for Cash and prepare a trial balance.

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