Using the following data for Sentinel Travel Service as well as the statement of owner’s equity shown

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 balance sheet as of August 31, 2014.


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, 2014
Assets Liabilities
Cash $ 45,400 Accounts payable $ 44,600
Accounts receivable 75,500
Supplies 4,700 Owner’s Equity
Land 310,000 Barb Schroeder, capital 391,000
Total liabilities and
Total assets $435,600 owner’s equity $435,600