PE 1-6B Balance sheet

Using the following data for Sentinel Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5B, prepare a report form balance sheet as of August 31, 2019: 

Accounts payable $ 44,600

Accounts receivable 75,500

Cash 45,400

Land 310,000

Supplies 4,700

Answer:

SENTINEL TRAVEL SERVICE

Balance Sheet

August 31, 2019

Cash$ 45,400 Accounts receivable75,500 Supplies4,700 Land310,000 Total assets$435,600 Accounts payable$ 44,600 Barb Schroeder, capital391,000 Total liabilities and owner’s equity$435,600