Using the following data for Up-in-the-Air Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a report form balance sheet as of April 30, 20Y7:
Accounts payable --------------------------------- $ 90,000
Accounts receivable -----------------------------   417,000
Cash ---------------------------------------------------  170,000
Land ---------------------------------------------------  772,000
Supplies ---------------------------------------------     16,000

Exercise 1-5A

D’Lite 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 for a fee. The assets and liabilities of the business on July 1, 20Y6, are as follows: Cash, $45,000; Accounts Receivable, $93,000; Supplies, $7,000; Land, $75,000; Accounts Payable, $40,000. Business transactions during July are summarized as follows:

a. Joel Palk invested additional cash in the business with a deposit of $35,000 in the business bank account.
b. Paid $50,000 for the purchase of land adjacent to land currently owned by D’Lite 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, $6,000.
e. Purchased supplies on account, $2,500.
f. Paid creditors on account, $22,800.
g. Charged customers for dry cleaning revenue on account, $84,750.
h. Received a monthly invoice for dry cleaning expense for July (to be paid on August 10), $29,500.
i. Paid the following: wages expense, $7,500; truck expense, $2,500; utilities expense, $1,300; miscellaneous expense, $2,700.

j. Received cash from customers on account, $88,000.
k. Determined that the cost of supplies on hand was $5,900; therefore, the cost of supplies used during the month was $3,600.
l. Withdrew $12,000 cash for personal use.