10 The following account balances were listed on the trial balance of Edgar Company at the end of the period: AccountBalanceAccounts Payable$ 31,200Cash49,500Common Stock33,000Equipment15,000Land46,500Notes Payable61,500 The company’s trial balance is not in balance and the company’s accountant has determined that the error is in the cash account. What is the correct balance in the cash account? Multiple Choice $2,700. $63,300. $33,000. $64,200.

Correct cash balance = Accounts payable + Common stock + Notes payable - Equipment - Land

Answered: The following account balances were…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following account balances were listed on the trial balance of Edgar Company at the end of the period:

Account	Balance
Accounts Payable	$ 31,200
Cash	49,500
Common Stock	33,000
Equipment	15,000
Land	46,500
Notes Payable	61,500

The company’s trial balance is not in balance and the company’s accountant has determined that the error is in the cash account. What is the correct balance in the cash account?

Multiple Choice

$2,700.
$63,300.
$33,000.
$64,200.

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