N

ov. 1

Received $25,000 cash to begin the company and gave capital to Anya.

Nov. 2

Signed a lease for a building and paid $1,000 for the first month's rent.

Nov. 3

Purchased canoes for $4,000 on account.

Nov. 4

Purchased office supplies on account, $500.

Nov. 7

Earned $2,100 cash for rental of canoes.

Nov. 13

Paid $1,000 cash for wages.

Nov. 15

White withdrew $300 cash from the business.

Nov. 16

Received a bill for $180 for utilities. (Use separate payable account.)

Nov. 20

Received a bill for $90 for cell phone expenses. (Use separate payable account.)

Nov. 22

Rented canoes to Adventure Kings on account, $3,200.

Nov. 26

Paid $2,000 on account related to the November 3, 2018, purchase.

Nov. 28

Received $1,000 from Adventure Kings for canoe rental on November 22, 2018.

Nov. 30

White withdrew $400 cash from the business.

Happy Camper Company is a service-based company that rents canoes for use on local lakes and rivers. Anya White graduated from college about 10 years ago. She worked for one of the "Big Four" accounting firms and became . Because she loves the outdoors, she decided to begin a new business that will combine her love of outdoor activities with her business knowledge. Anya decides that she will create a new sole proprietorship, Happy Camper Company, or HCC for short. The business began operations on November 1, 2018. (Click the icon to view the transactions.) Read the requirements. Requirement 1. Analyze the effects of Happy Camper Company's transactions on the accounting equation. Included are the following headings: Cash; Accounts Receivable (A/R); Office Supplies (Off. Sup.); Canoes; Accounts Payable (A/P); Utilities Payable (Util. Pay.); Telephone Payable (Tele. Pay.); White, Capital; White, Withdrawals (Withdr.); Canoe Rental Revenue (Rent. Rev.); Rent Expense (Rent Exp.); Utilities Expense (Util. Exp.); Wages Expense (Wage Exp.); and Telephone Expense (Tele. Exp.). 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 "for any zero balances. Enter a decrease in an account with minus sign or parentheses.) Assets Liabilities Equity Cash + AIR + Off + Canoes = A/P + Util. + Tele. + White, White, + Rent - Rent - Util Wage - Tele. Sup. Pay Pay. Capital Withdr. Rev. Exp. Exp. Exp. Exp. 1 i Requirements 1. Analyze the effects of Happy Camper Company's transactions on the accounting equation. 2. Prepare the income statement of Happy Camper Company for the month ended November 30, 2018. 3. Prepare the statement of owner's equity for the month ended November 30, 2018. 4. Prepare the balance sheet as of November 30, 2018. 5. Calculate the return on assets for Happy Camper Company for November 2018. Enter any number in the edit fields and then click Check