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 $750,000 Office expense 295,000 Miscellaneous expense 12,000 Wages expense 450,000 Accounts payable 44,600 Accounts receivable 75,500 Cash 45,400 Land 310,000 Supplies 4,700 Barb Schroeder, the owner, invested an additional $36,000 in the business during the year and withdrew cash of $18,000 for personal use. Barb Schroeder, capital as of September 1, 2018, was $380,000. Prepare a 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 $

Explanation / Answer

Solution:-

Balance sheet as of August 31, 2019:-

= 45,400 + 75,500 + 4,700 + 310,000

= $4,35,600

= 435,600 - 44,600

= $ 3,91,000

=( 44,600 + 3,91,000)

= $4,35,600

Assets :- Cash $ 45,400 Accounts receivable $ 75,500 Supplies $4,700 Land $ 310,000 Total assets

= 45,400 + 75,500 + 4,700 + 310,000

= $4,35,600

Liabilities:- Accountsn payable $44,600 Owner's equity : Owner's capital = total assets - account payable

= 435,600 - 44,600

= $ 3,91,000

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