Statement of Owner's Equity

The revenues and expenses of Sentinel Travel Service for the year ended August $31,2019,$ follow:

Fees earned $$750,000$

Office expense $295,000$

Miscellaneous expense $12,000$

Wages expense $450,000$

Prepare a statement of owner's equity for the year ended August $31,2019.$ 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 $1,2018,$ was $$380,000.$

Sentinel Travel Service

Statement of Owner's Equity

For the Year Ended August $31,2019$

Barb Schroeder, capital, September $1,2018$

$Barb Schroeder, capital, September $1,2018$

$380,000$

Additional investment by owner during the year

$Additional investment by owner during the year

$36,000$

Net loss for the year

Net loss for the year

$54,000$

Withdrawals

Withdrawals

$18,000$

Increase in owner's equity

Increase in owner's equity

$326,000$

Net loss for the year

$Net loss for the yea