CP1-55 Continuing Problem (similar to) dy Tree Top Company is a service-based company that rents canoes for use on local lakes and rivers. Ashley and Zain Walker 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. Ashley and Zain decide that they will create a new corporation, Tree Top Company, or TTC for short. The business began operations on November 1. 2018. (Click the icon to view the transactions.) Read the requirements. IS Requirement 1. Analyze the effects of Tree Top Company's transactions on the accounting equation. Included are the following headings: Cash: Accounts Receivable (A/R): Office Supplies (Of. Sup.): Canoes; Accounts Payable (AIP): 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.). ot 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 lines. [Do not enter any zeres for your transaction lines.] Carry down all balances to the "Bal. line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses.) Assets Liabilities + Equity Cash + AIR + OFF Canoes = A/P + Tele + GS DV + Reni Rent Wage Sup Pay Pay. Rev Exp Exo. Exp Exp + More Info Received $25.000 cash to begin the company and issued common stock to Ashley and Zain. Nov. 1 Nov. 2 Signed a lease for a building and paid $1.100 for the first month's rent. Nov. 3 Purchased canoes for $4.100 on account. Nov. 4 Purchased office supplies on account, $ 1.200. Nov. 7 Earned $1.000 cash for rental of canoes. Nov. 13 Paid $1,900 cash for wages. Nov. 15 Paid $450 dividends to stockholders. Nov. 16 Received a bill for $170 for utilities. (Use separate payable account.) Received a bill for $140 for cell phone expenses. (Use separate payable Nov. 20 account.) Nov. 22 Rented canoes to Tender Time on account $3.600. Nov. 26 Paid $2.200 on account related to the November 3. 2018. purchase Received $ 1 000 from Tender Time for canoe rental on November 22. Nov. 28 2018 Nov. 30 Paid $750 dividends to stockholders Done