Question

The balances of Sentinel Travel Service’s accounting equation items for the year ended August 31, 2016,...

The balances of Sentinel Travel Service’s accounting equation items for the year ended August 31, 2016, are listed below. 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, 2015, was $380,000.

Accounts
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

Prepare a balance sheet as of August 31, 2016. 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.

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