In: Accounting
The account balances of Sentinel Travel Service for the year ended August 31, 2019, are listed below.
Fees earned | $816,295 |
Office expense | 187,750 |
Miscellaneous expense | 16,325 |
Wages expense | 391,820 |
Accounts receivable | 57,140 |
Accounts payable | 20,405 |
Cash | 150,870 |
Land | 261,000 |
Supplies | 9,795 |
Barb Schroeder, the owner, invested an additional $49,000 in the business during the year and withdrew cash of $31,000 for personal use. Barb Schroeder, capital as of September 1, 2018, was $220,000.
Prepare a report form balance sheet as of August 31, 2019. When entering assets, enter them in order of liquidity.
Sentinel Travel Service | |
Balance Sheet | |
August 31, 2019 | |
Assets | |
$ | |
Total assets | $ |
Liabilities | |
$ | |
Owner's Equity | |
Total liabilities and owner's equity | $ |