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 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