v2cengagenowcom Blackboard Atlanta Tech Ch 1 Homework 1Week

v2.cengagenow.com Blackboard Atlanta Tech Ch 1 Homework 1-Week 1 Balance sheet Labels and Amount Descriptions The balances of Ousel Travel Service\'s accounting equation hema for the year ended November 30, 2016, are lised below Shane Ousel, the owner, invested an additional $50.000 in the business personal use. Shane Ousel, captal as of December 1, 2015, was 5606,000 during the year and withdrew cash of $30,000 for Accounts Fees eamed Office expense $1,475,000 320,000 28.000 885.000 62,500 186,000 308,000 16.500 480,000 Wages expense Accounts payable Accounts receivable Cash Supplies Land a balance sheet as of November 30, 2016. Refer to the lists of Accounts, Labeis, and Amount Descriptions providec he exact wording of the answer choices for leat entries. Be sure to complete the statement heading Check My Work ment Score: 61.61%

Solution

Income Statement :

Balance Sheet as on Nov 30, 2016 :

Fees earned	$1475000
Less: Expenses:
Office	320000
wages	885000
Miscelleneous	28000
Total Expenses	$1231000
Net Income (transferred to balance sheet)	$242000