Question

CPF1-55 (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, 2024. (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 (Off. Sup.), Canoes, Accounts Payable (A/P), Utilities Payable (Util. Pay.), Telephone Payable (Tele. Pay.). Common Stock (CS), Dividends (Div.), Canoe Rental Revenue (Rent. Rev.), Rent Expense (Rent Exp.), Utilities Expense (Util. 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 liabilities and equity. (Complete only the necessary answer boxes for your transaction - E-------------------------- L - "DIE-- !--------L----- ----------- ----------------------I----------------- -----...AL ----- Enter any number in the edit fields and then click Check Answer. narts

Answer 1

Part 1:- Analyse the effects of transactions:

ASSETS LIABILITIES + EQUITY Contributed + Retained Earnings Capital Account Telephon Canoe Utilities Accounts Office Canoe Utilities Rent Cash + + + S + + e + Common Dividends + Rental Expens Wages Expense Telephone Expense Receivable Supplies S Payable Expense Payable Payable Stock Revenue e +16,00 +16,000 1 0 2 -1,200 -1,200 Bal. $14,800 + $16,000 $1,200 3 +4,800 +4,800 Bal. $14,800 + $4,800 $4,800 + $ 16,000 $1,200 4 +750 +750 Bal. $750 + $4,800 $5,550 + $16,000 $1,200 7 +1,400 $1,400 Bal. + $750 $4,800 $5,550 + $16,000 + $1,200 $14,800 +1,400 $ 16,200 -1,500 $14,700 -50 13 -1,500 $1,500 Bal. + $750 $4,800 $5,550 + $16,000 $1,400 $1,200 15 -50 Bal. $14,650 + $750 + $4,800 $5,550 + $16,000 $50 + $1,400 $1,200 $1,500 16 +150 -150 Bal. $14,650 + $750 + $4,800 $5,550 + $150 $16,000 $50 + $1,400 $1,200 $150 $1,500 20 +175 -175 Bal. $14,650 + $750 + $4,800 $5,550 + $150 + $175 $ 16,000 $50 + $1,400 $1,200 $150 $1,500 $175 22 +3,000 +3,000 Bal. $14,650 + $3,000 $750 + $4,800 $150 + $175 $16,000 $50 + $4,400 $1,200 $150 $1,500 $175 26 -1,000 $13,650 $5,550 -1,000 $4,550 Bal. $3,000 $750 $4,800 $150 + $175 + $ 16,000 $50 $4,400 $1,200 $150 $1,500 $175 28 +750 -750 Bal. $14,400 $2,250 + $750 + $4,800 $4,550 + $150 + $175 + $16,000 $50 $4,400 $1,200 $150 $1,500 $175 30 -100 -100 Bal. $14,300 + $2,250 + $750 + $4,800 $4,550 $150 + $175 + $16,000 $150 + $4,400 $1,200 $150 $1,500 $175