Question
The balances for the accounts of Millie's Maintenance Co. for the year ended December 31, 2020 are shown below. Each account shown has a normal
The balances for the accounts of Millie's Maintenance Co. for the year ended December 31, 2020 are shown below. Each account shown has a normal balance.
Accounts payable | $15,000 | Equipment | $11,250 |
Accounts receivable | 10,000 | Wages expense | 22,000 |
Cash | ? | Utilities expense | 2,450 |
Maintenance supplies | 3,300 | Millie, withdrawals | ? |
Building | 50,500 | Notes payable | 32,000 |
Supplies expense | 2,200 | Land | 10,000 |
Millie, capital, beginning | 5,000* | Unearned maintenance revenue | 22,500 |
Maintenance revenue | 206,000 |
The ending balance of the capital account is $20,000; the only addition to the account for the year was profit. Calculate the correct balances for Cash and Millie, Withdrawals and prepare a trial balance.
Thank you!
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