Question

On September 1, Shawn Dahl established Whitewater Rentals, a canoe and kayak rental business. The following...

On September 1, Shawn Dahl established Whitewater Rentals, a canoe and kayak rental business. The following transactions occurred in the month of September and affected the following accounts:

Cash Accounts Payable
Accounts Receivable Shawn Dahl, Capital
Office Equipment Revenue
Canoe and Kayak Equipment Expenses


Transactions

Shawn Dahl invested $45,700 in cash to open the business

Paid $13,400 in cash for the purchase of kayak and canoe equipment

Paid $1,400 in cash for rent expense

Purchased additional kayak and canoe equipment for $4,150 on credit

Received $4,250 in cash for kayak rentals

Rented canoes and kayaks for $1,550 on account

Purchased office equipment for $160 in cash

Received $975 in cash from credit clients

Shawn Dahl withdrew $1,850 in cash for personal expenses

Based on the information above, complete the following accounting equation.

Assets _______ = Liabilities _______ + Owner's Equity ________

Business   Accounting   
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Answer #1

Accounting equation

Assets = Liabilities + Owner's equity
a) Cash 45700 Owner's capital 45700
b) Kayak and Canoe Equipment 13400
Cash -13400
c) Cash -1400 Rent expense -1400
d) Kayak and Canoe equipment 4150 Account payable 4150
e Cash 4250 Rental revenue 4250
f Account receivable 1550 Rental revenue 1550
g Office equipment 160
Cash -160
h Cash 975
Account receivable -975
i Cash -1850 Owner's drawing -1850
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