Question

3 of 3 (0 complete) HW Score: 0%, 0 of 20 pts OL CP1-55 Continuing Problem (book/static) Question Help Canyon Canoe Company is a service-based company that rents canoes for use on local lakes and rivers. Amber and Zack Wilson graduated from college about 10 years ago. They both worked for one of the Big Four accounting firms and became CPAs. Because they both love the outdoors, they decided to begin a new business that will combine their love of outdoor activities with their business knowledge. Amber and Zack decide that they will create a new corporation, Canyon Canoe Company or CCC for short. The business began operations on November 1, 2018 Click the icon to view the transactions.) Read the requirements Requirement 1. Analyze the effects of Canyon Canoe Company's transactions on the accounting equation. Included are the following headings: Cash, Accounts Receivable (A/R): Office Supplies (O. Sup. Canoes, Accounts Payable (AP) Utilities Payable (US. Pay.): Telephone Payable (Tele. Pay X Common Stock (CS): Dividends (Div. Canoe Rental Revenue (Rent. Rev.); Rent Expense (Rent Exp.); Utilities Expense (Ul. Exp.): Wages Expense (Wage Exp.), and Telephone Expense (Tele. Exp.) Analyze the events chronologically, one transaction at a time, beginning with the transaction on November 1. For each transaction that follows the November 1st transaction, calculate the balance in each account after analyzing its effect on the accounting equation. After calculating the ending balance of each account on November 30, calculate total assets and total liabilis and equity (Complete only the necessary answer boxes for your transaction lines. Do not enter any zoros for your transaction lines. Carry down all balances to the "Bal.ine, including zero balance accounts, entering av for any zero balances. Enter a decrease in an account with a minus sign or parentheses.) Assets Liabilities Equity 0 Enter any number in the edit fields and then click Check Answer

Answer 1

			Assets					=	Liabilities					+	Equity
	Cash	+	A/R	+	Office Exp.	+	Canoes	=	A/P	+	Utilities Payable	+	Telephone Payable		Common stock	-	Dividend	+	Rent Revenue	-	Rent Expenses	-	Utiliti Expenses	-	Wages Expenses	-	Telephone Expenses
1)	16000	+		+		+		=		+		+		+	16000	-		+		-		-		-		-
2)	-1200	+		+		+		=		+		+		+		-		+		-	1200	-		-		-
Bal.	14800	+		+		+		=		+		+		+	16000	-		+		-	1200	-		-		-
3)		+		+		+	4800	=	4800	+		+		+		-		+		-		-		-		-
4)		+		+	750	+		=	750	+		+		+		-		+		-		-		-		-
Bal.	14800	+	0	+	750	+	4800	=	5550	+	0	+	0	+	16000	-	0	+	0	-	1200	-	0	-	0	-	0
7)	1400	+		+		+		=		+		+		+		-		+	1400	-		-		-		-
Bal.	16200	+	0	+	750	+	4800	=	5550	+	0	+	0	+	16000	-	0	+	1400	-	1200	-	0	-	0	-	0
13)	-1500	+		+		+		=		+		+		+		-		+		-		-		-	1500	-
Bal.	14700	+	0	+	750	+	4800	=	5550	+	0	+	0	+	16000	-	0	+	1400	-	1200	-	0	-	1500	-	0
15)	-50	+		+		+		=		+		+		+		-	50	+		-		-		-		-
Bal.	14650	+	0	+	750	+	4800	=	5550	+	0	+	0	+	16000	-	50	+	1400	-	1200	-	0	-	1500	-	0
16)		+		+		+		=		+	150	+		+		-		+		-		-	150	-		-
Bal.	14650	+	0	+	750	+	4800	=	5550	+	150	+	0	+	16000	-	50	+	1400	-	1200	-	150	-	1500	-	0
20)		+		+		+		=		+		+	175	+		-		+		-		-		-		-	175
Bal.	14650	+	0	+	750	+	4800	=	5550	+	150	+	175	+	16000	-	50	+	1400	-	1200	-	150	-	1500	-	175
22)		+	3000	+		+		=		+		+		+		-		+	3000	-		-		-		-
Bal.	14650	+	3000	+	750	+	4800	=	5550	+	150	+	175	+	16000	-	50	+	4400	-	1200	-	150	-	1500	-	175
26)	-1000	+		+		+		=	-1000	+		+		+		-		+		-		-		-		-
Bal.	13650	+	3000	+	750	+	4800	=	4550	+	150	+	175	+	16000	-	50	+	4400	-	1200	-	150	-	1500	-	175
28)	750	+	-750	+				=		+		+		+				+		-		-				-
Bal.	14400	+	2250	+	750	+	4800	=	4550	+	150	+	175	+	16000	-	50	+	4400	-	1200	-	150	-	1500	-	175
30)	-100			+				=		+		+		+			100	+				-
Bal.	14300	+	2250	+	750	+	4800	=	4550	+	150	+	175	+	16000	-	150	+	4400	-	1200	-	150	-	1500	-	175