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I am having trouble figuring out how to compute owner's equity+liabilities= assets. Shawn started a business for canoe and kayak rentals. The transactions are as
I am having trouble figuring out how to compute owner's equity+liabilities= assets.
Shawn started a business for canoe and kayak rentals.
The transactions are as follows:
- Shawn invested $44000 in cash to open a business.
- Paid $11700 in cash for the purchase of kayak and canoe equipment.
- Paid $2050 in cash for rent expense
- Purchased additional kayak and canoe equipment for $4800 on credit.
- Received $4900 in cash for kayak rentals
- Rented canoes and kayaks for $2200 on account
- Purchased office equipment for $225 in cash
- Received $1300 in cash from credit clients
- Shawn withdrew $2500 in cash for personal expenses.
The liabilities is $4800, because that is owed. How do I compute the assets and the owners equity?
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