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

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