Entries Prepared from a Trial Balance and Proof of the Cash Balance Russell Company was incorporated on

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Entries Prepared from a Trial Balance and Proof of the Cash Balance Russell Company was incorporated on January 1, 2008, with the issuance of capital stock in return for $120,000 of cash contributed by the owners. The only other transaction entered into prior to beginning operations was the issuance of a $50,000 note payable in exchange for equipment and fixtures. The following trial balance was prepared at the end of the first month by the bookkeeper for Russell Company:

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Required 1. Determine the balance in the Cash account.
2. Identify all of the transactions that affected the Cash account during the month. Use a T account to prove what the balance in Cash will be after all transactions are recorded.

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