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Balance sheet The account balances of A-One Travel Service for the year ended August 31, 20Y6, follow: Fees earned Office expense $1,150,000 150,000 45,000 640,000 35,000 68,000 184,500 75,000 880,000 Supplies 17,500 Cash dividends of $50,000 were paid during the year. Retained earnings as of September 1, 20Y5, were $775,000. Prepare a balance sheet as of August 31, 20Y6. When entering assets, enter them in order of liquidity. A-One Travel Service Miscellaneous expense Wages expense Accounts payable Accounts receivable Cash Common stock Land Balance Sheet August 31, 20Y6 Line Item Description Assets Amount Amount

Balance sheet The account balances of A-One Travel Service for the year ended August 31, 20Y6, follow: Fees earned Office expense $1,150,000 150,000 45,000 640,000 35,000 68,000 184,500 75,000 880,000 Supplies 17,500 Cash dividends of $50,000 were paid during the year. Retained earnings as of September 1, 20Y5, were $775,000. Prepare a balance sheet as of August 31, 20Y6. When entering assets, enter them in order of liquidity. A-One Travel Service Miscellaneous expense Wages expense Accounts payable Accounts receivable Cash Common stock Land Balance Sheet August 31, 20Y6 Line Item Description Assets Amount Amount

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Balance sheet The account balances of A-One Travel Service for the year ended August 31, 20Y6, follow: Fees earned Office expense Miscellaneous expense Wages expense Accounts payable Accounts receivable Cash Common stock Land $1,150,000 Supplies Cash dividends of $50,000 were paid during the year. Retained earnings as of September 1, 20Y5, were $775,000. Prepare a balance sheet as of August 31, 20Y6. When entering assets, enter them in order of liquidity. A-One Travel Service Line Item Description 150,000 45,000 640,000 35,000 68,000 184,500 75,000 880,000 17,500 Balance Sheet August 31, 20Y6 Assets Amount Amount
Transcribed Image Text:Balance sheet The account balances of A-One Travel Service for the year ended August 31, 20Y6, follow: Fees earned Office expense Miscellaneous expense Wages expense Accounts payable Accounts receivable Cash Common stock Land $1,150,000 Supplies Cash dividends of $50,000 were paid during the year. Retained earnings as of September 1, 20Y5, were $775,000. Prepare a balance sheet as of August 31, 20Y6. When entering assets, enter them in order of liquidity. A-One Travel Service Line Item Description 150,000 45,000 640,000 35,000 68,000 184,500 75,000 880,000 17,500 Balance Sheet August 31, 20Y6 Assets Amount Amount
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