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The following account balances were listed on the trial balance of Edgar Company at the end of the period: AccountBalance Accounts Payable$31,600 Cash 49,900 Common Stock 35,000 Equipment 16,000 Land 47,500 Notes Payable 62,500 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?

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Answer: $65,600

Explanation:

Debits should equal credits

Debits = Cash + Equipment + Land

= 49,900 + 16,000 + 47,500

= $113,400

Credits = Accounts Payable + Common stock + Notes Payable

= 31,600 + 35,000 + 62,500

= $129,100

The difference will be added to the Cash account where the error is from.

= 49,900 + (129,100 - 113,400)

= $65,600

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