Using the following data for Adventure Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a report form balance sheet as of April 30, 2019:
Accounts payable $105,000
Accounts receivable 485,000
Cash 197,000
Land 900,000
Supplies 18,000
Answer:
ADVENTURE TRAVEL SERVICE
Balance Sheet
April 30, 2019
Cash$ 197,000 Accounts receivable485,000 Supplies18,000 Land900,000 Total assets$1,600,000 Accounts payable$ 105,000 Jerome Foley, capital1,495,000 Total liabilities and owner’s equity$1,600,000