The following are the amounts of the assets and liabilities of Pedigree Travel Service at December 31, 2008, the end of the current year, and its revenue and expenses for the year. The capital of Shiann Ott, was $115,00 on January 1, 2008, the beginning of the current year. During the current year, Shiann withdrew $40,000.
- Accounts payable $12,500
- Accounts receivable $42,300
- Cash $180,000
- Fees Earned $250,000
- Miscellaneous expense $1,500
- Rent expense $25,000
- Supplies $2,700
- Supplies expense $2,800
- Utilities expense $18,200
- Wages expense $65,000