The balances for the accounts of Milo's Management Co. for the year ended December 31 are shown below. Each account shown had a normal balance.Accounts Payable…..$ 6,500?Wages Expense………36,000Accounts Receivable...7,000?Rent Expense………...6,000Cash…………………????Office Supplies.1,200???Building…………….125,000???Supplies Expense……21,500?Land………………….50,000Common Stock………..118,700?Unearned Management Fees4,000Management Revenue. 175,000?Dividends48,000Calculate the correct balance for Cash and prepare a trial balance.
What will be an ideal response?
| MILOS MANAGEMENT CO. Trial Balance December 31 | ||
| Cash** | $9,500 | ? |
| Accounts Receivable | 7,000 | ? |
| Office Supplies | 1,200 | ? |
| Land | 50,000 | ? |
| Building | 125,000 | ? |
| Accounts Payable | ? | $ 6,500 |
| Unearned Management Fees | ? | 4,000 |
| Common Stock | ? | 118,700 |
| Dividends | 48,000 | ? |
| Management Revenue | ? | 175,000 |
| Wages Expense | 36,000 | ? |
| Rent Expense | 6,000 | ? |
| Supplies Expense | 21,500 | ? |
| Totals | $304,200 | $304,200 |
| **Total credits | $304,200 | ? |
| Total debits (excluding cash) | 294,700 | ? |
| Cash | $9,500 |
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