CPF1-55 (similar to) Question Help Golden Lake Company is a service-based company that rents canoes for use on local lakes and rivers. Andrea and Zion Washion graduated from college about 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 busin that will combine their love of outdoor activities with their business knowledge. Andrea and Zion decide that they will create a new corporation, Golden Lake Compar GLC for short. The business began operations on November 1, 2024 Click the icon to view the transactions.) Read the requirements 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 zeros fom 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 AR Off + Canoes AP Util Tele CS Div Rent - Util Wage - Tele Sup Pay Pay Rev Exp. Exp Exp Exp + + + + Rent + + + A More Info Received $25,000 cash to begin the company and issued common stock Nov. 1 to Andrea and Zion. Nov. 2 Signed a lease for a building and paid $1,000 for the first month's rent. Nov. 3 Purchased canoes for $4,200 on account. Nov. 4 Purchased office supplies on account, $800. Nov. 7 Earned $2,000 cash for rental of canoes. Nov. 13 Paid $1,700 cash for wages. Nov. 15 Paid $600 dividends to stockholders. Nov. 16 Received a bill for $190 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, $2,800. Nov 26 Paid $1 800 on account related to the November 3 2024 purchase Print Done More Info Nov. 3 Purchased canoes for $4,200 on account. Nov. 4 Purchased office supplies on account, $800. Nov. 7 Earned $2,000 cash for rental of canoes. Nov. 13 Paid $1,700 cash for wages. Nov. 15 Paid $600 dividends to stockholders. Nov. 16 Received a bill for $190 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, $2,800. Nov. 26 Paid $1,800 on account related to the November 3, 2024, purchase. Received $1,100 from Tender Time for canoe rental on November 22, Nov. 28 2024 Nov. 30 Paid $700 dividends to stockholders. Print Done