Guy McKinley started the McKinley Charter Service at the beginning of August 2019. On August 31, 2019, the accounting records of the business showed the following information.

Please, Explain where the amounts go on the balance sheet (Assets, Liabilities, Equity) as of August 31, 2019.

Equipment$21,500 Rent Expense$5,600

Accounts Receivable3,300 Cash6,700

Fees Income31,750 Salaries Expense11,500

Boats106,500 Utilities Expense2,250

Gasoline Expense8,300 Supplies4,300

Loans Payable81,000 Initial Investment54,500

Owners' Withdrawal3,200 Accounts Payable5,900