The balances of Ousel Travel Services accounting equation items for the year ended November 30, 2016, are listed below. Shane Ousel invested an additional $45,000 in the business in exchange for common stock during the year and cash dividends of $32,000 were paid. Retained earnings as of December 1, 2015, was $575,000.

Accounts
Fees earned	$1,495,000
Office expense	334,000
Miscellaneous expense	36,000
Wages expense	825,000
Accounts payable	62,000
Accounts receivable	190,000
Cash	306,000
Land	450,000
Supplies	15,500

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.

QUESTION 2

DLite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets, liabilities, and common stock of the business on July 1, 2016, are as follows: Cash, $53,000; Accounts Receivable, $97,000; Supplies, $7,700; Land, $74,000; Accounts Payable, $35,000; Common Stock, $60,000. Business transactions during July are summarized as follows:

A.	Joel Palk invested additional cash in exchange for common stock with a deposit of $36,000 in the business bank account.
B.	Paid $50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site.
C.	Received cash from cash customers for dry cleaning revenue, $32,125.
D.	Paid rent for the month, $5,600.
E.	Purchased supplies on account, $2,700.
F.	Paid creditors on account, $21,300.
G.	Charged customers for dry cleaning revenue on account, $84,750.
H.	Received monthly invoice for dry cleaning expense for July (to be paid on August 10), $28,500.
I.	Paid the following: wages expense, $7,500; truck expense, $2,800; utilities expense, $1,400; miscellaneous expense, $2,100.
J.	Received cash from customers on account, $85,000.
K.	Determined that the cost of supplies on hand was $6,000; therefore, the cost of supplies used during the month was $4,400.
L.	Paid dividends, $12,000.

2 Cash 3 Accounts receivable 4 Supplies s Land 6 Total assets Assets Ousel Travel Service Balance Sheet November 30, 2016 Score: 80/95 $306,000.00 190,000.00 15,500.00 450,000.00 $961,500.00