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The balances of Paradise Travel Service's accounting equation items for the year ended May 31, 20Y6, are listed below. $10,000 of dividends were paid
The balances of Paradise Travel Service's accounting equation items for the year ended May 31, 20Y6, are listed below. $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2015, were $300,000. Accounts Fees earned $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Accounts payable 18,000 Accounts receivable 38,000 Cash 52,000 Common stock 100,000 Land Supplies 450,000 3,000 Prepare a balance sheet as of May 31, 2016. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
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