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, 2016:

Accounts payable                         $ 44,600
Accounts receivable                        75,500
Cash                                                45,400
Land                                              310,000
Supplies                                            4,700

Data From PE 1-5B:

Using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B, prepare a statement of owner’s equity for the year ended August 31, 2016. Barb Schroeder, the owner, invested an additional $36,000 in the business during the year and withdrew cash of $18,000 for personal use. Barb Schroeder, capital as of September 1, \2015, was $380,000.

Statement of Owner's Equity From PE 1-4B:

Fees earned                             $750,000
Office expense                           295,000
Miscellaneous expense                12,000
Wages expense                           450,000