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 Washington 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. Andrea and Zion decide that they will create a new corporation, Golden Lake Company OF 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 for your transaction lines. Carry down all balances to the "Bal" line, including zero balance accounts, entering a "O" for any zero balances. Enter a decrease in an account with a minus sign or parentheses) Assets Liabilities Equity Cash AR Off + Canoes = A/P + Util Tele CS Div + Rent Rent Uit Wage Tele Pay Rov Exp Exp Exp Exp 22300 3200 190 140 + 25000 4800 1000 1700 140 + + + Sup Pay + 1700- 800 + 4200 - + 1300 190 Enter any number in the edit Delds and then click Check Answer i 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 Nou 26 Paid $1800 on account related to the November 3 2024 purchase Print Done i 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