Balance Sheet The account balances of Sentinel Travel Service for the year ended

Question

Balance Sheet The account balances of Sentinel Travel Service for the year ended August 31, 2019, are listed below Fees earned Office expense Miscellaneous expense Wages expense Accounts receivable Accounts payable Cash Land Supplies Barb Schroeder, the owner, invested an additional $52,700 in the business during the year and withdrew cash of $33,400 for personal use. Barb Schroeder, capital as of September 1, 2018, was $237,000 Prepare a report form balance sheet as of August 31, 2019. When entering assets, enter them in order of liquidity. $877,930 201,925 17,560 421,405 61,460 21,950 162,295 281,000 10,535

Explanation / Answer

Assets Cash 162295 Accounts receivable 61460 Supplies 10535 Land 281000 Total assets 515290 Liabilities Liabilities: Accounts payable 21950 Owner's equity: Bob Schroeder Capital (237000+237040+52700-33400) 493340 Total liabilities and owner's equity 515290 Net Income for the year = 877930-201925-17560-421405 = 237040

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