On September 1, Shawn Dahl established Whitewater Rentals, a canoe and kayak rental business. The following transactions occurred in the month of September and affected the following accounts:

Cash		Accounts Payable
Accounts Receivable		Shawn Dahl, Capital
Office Equipment		Revenue
Canoe and Kayak Equipment		Expenses

Transactions

Shawn Dahl invested $45,700 in cash to open the business

Paid $13,400 in cash for the purchase of kayak and canoe equipment

Paid $1,400 in cash for rent expense

Purchased additional kayak and canoe equipment for $4,150 on credit

Received $4,250 in cash for kayak rentals

Rented canoes and kayaks for $1,550 on account

Purchased office equipment for $160 in cash

Received $975 in cash from credit clients

Shawn Dahl withdrew $1,850 in cash for personal expenses

Based on the information above, complete the following accounting equation. Assets _______ = Liabilities _______ + Owner's Equity ________