There venuesandexpensesof Adventure Travel Service for the year ended April 30, 2019, follow:

Accounts(revenue and expense items)

Fees earned $2,180,000

Office expense 400,000

Miscellaneous expense 25,000

Wages expense 1,300,000

Prepare a statement of owner's equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional $60,000 in thebusinessduring the year and withdrew cash of $40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was $1,020,000.

Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner's equity, enter that amount as a negative number using a minus sign.

Labels

For the Year Ended April 30, 2019

Amount Descriptions Additional investment by owner during year

Decrease in owner's equityIncrease in owner's equity

WithdrawalsNet income for the year

Net loss for the year

Jerome Foley, capital, May 1, 2018

Jerome Foley, capital, April 30, 2019

Statement of Owner Equity:

Prepare a statement of owner's equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional $60,000 in thebusinessduring the year and withdrew cash of $40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was $1,020,000. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner's equity, enter that amount as a negative number using a minus sign.

Adventure Travel Service

Statement of Owner's Equity

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