Balance sheet

Instructions

Labels and Amount Descriptions

Balance sheet

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Instructions

The balances of Ousel Travel Services accounting equation items for the year ended November 30, 2016, are listed below. Shane Ousel invested an additional $39,200 in the business in exchange for common stock during the year and cash dividends of $17,400 were paid. Common stock ($1 par value) and Retained earnings as of December 1, 2015, were $22,000 and $385,000, respectively.

Accounts
Fees earned	$745,500
Office expense	295,500
Miscellaneous expense	10,100
Wages expense	451,100
Accounts payable	43,600
Accounts receivable	75,400
Cash	45,600
Land	309,000
Supplies	31,200

Prepare a balance sheet as of November 30, 2016. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.