Reference no: EM132468064
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
Point 1: Shawn Dahl invested $50,000 in cash to open the business
Point 2: Paid $14,200 in cash for the purchase of kayak and canoe equipment
Point 3: Paid $2,200 in cash for rent expense
Point 4: Purchased additional kayak and canoe equipment for $4,900 on credit
Point 5: Received $4,600 in cash for kayak rentals
Point 6: Rented canoes and kayaks for $3,400 on account
Point 7: Purchased office equipment for $375 in cash
Point 8: Received $1,350 in cash from credit clients
Point 9: Shawn Dahl withdrew $1,800 in cash for personal expenses
Question 1: Based on the information above, complete the following accounting equation.What is the assets, liability and owner's equity?
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