Question

The balances of Adventure Travel Service’s accounting equation items for the year ended April 30, 2019, are listed below. Jerome Foley, the owner, invested an additional $36,600 in the business during the year and withdrew cash of $16,600 for personal use. Jerome Foley, capital as of May 1, 2018, was $390,000.

Accounts
Fees earned	$746,000
Office expense	295,500
Miscellaneous expense	10,300
Wages expense	450,000
Accounts payable	43,600
Accounts receivable	72,400
Cash	45,600
Land	320,900
Supplies	4,900

Prepare a balance sheet as of April 30, 2019. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. When entering assets, enter them in order of liquidity

use the following labels to set up the balance sheet

Labels
April 30, 2019
Amount Descriptions
Net income
Jerome Foley, capital
Total assets
Total expenses
Total liabilities
Total liabilities and owner’s equity
Total revenue

Answer 1

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