Question

What is the answer to 1 2 and 3? 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 $44,900 in cash to open the business Paid $12,600 in cash for the purchase of kayak and canoe equipment Paid $1,600 in cash for rent expense Purchased additional kayak and canoe equipment for $4,350 on credit Received $4,450 in cash for kayak rentals Rented canoes and kayaks for $1,750 on account Purchased office equipment for $180 in cash Received $1,075 in cash from credit clients Shawn Dahl withdrew $2,050 in cash for personal expenses Based on the information above, complete the following accounting equation.

1. Assets Total

2. Liabilities Total

3. Owner's Equity

Answer 1

1. Assets total : $ 51,800

2. Liabilities total : $ 4,350

3. Owner's Equity : $ 47,450

	Assets +			Liabilities =	Owner's Equity	Income Statement
Transaction	Cash	Accounts Receivable	Office Equipment	Accounts Payable	Shawn Dahl, Capital	Revenue	Expense
1.	44,900	NA	NA	NA	44,900
2	(12,600)	NA	12,600	NA	NA
3	(1,600)	NA	NA	NA	(1,600)		1,600
4.	NA	NA	4,350	4,350	NA
5.	4,450	NA	NA	NA	4,450	4,450
6.	NA	1,750	NA	NA	1,750	1,750
7.	(180)	NA	180	NA	NA
8.	1,075	(1,075)	NA	NA	NA
9.	(2,050)	NA	NA	NA	(2,050)
Totals	33,995	675	17,130	4,350	47,450	6,200	1,600