(Solved by Humans)-Problem 3-11A Entries Prepared from a Trial Balance and Proof of the Cash Balance Russell Company...

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Problem 3-11A Entries Prepared from a Trial Balance and Proof of the Cash Balance Russell Company was incorporated on January 1 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 be- ginning 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: LO3• 5• 6                               LO3• 4• 5 • 7                 LO3• 4• 5 • 7 Russell Company Trial Balance January 31 Account Titles Debits Credits Cash $          ?   Accounts Receivable 30,500   Equipment  and Fixtures 50,000   Wages Payable   $  10,000 Notes Payable   50,000 Capital Stock   120,000 Service Revenue   60,500 Wage and Salary Expense 24,600   Advertising Expense 12,500   Rent Expense 5,200     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.