The balances of Paradise Travel Service’s accounting equation items for the year ended May 31, 2018, are listed below. $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000.AccountsFees earned $900,000Office expense 300,000Miscellaneous expense 15,000Wages expense 450,000Accounts payable 18,000Accounts receivable 38,000Cash 52,000Common stock 100,000Land 450,000Supplies 3,000Prepare a balance sheet as of May 31, 2018. 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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The balances of Paradise Travel Service’s accounting equation items for the year ended May 31, 2018,...
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