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Homework: Chapter 1 - Continuing Problem Save Score: 0 of 10 pts 1 of 1 (0 complete) HW Score: 0%, 0 of 10 pts CP1-55 Continuing Problem (similar to) Question Help Outdoor Adventure Company is a service-based company that rents canoes for use on local lakes and rivers. Anna and Zed Ward 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. Anna and Zed decide that they will create a new corporation, Outdoor Adventure Company, or OAC for short. The business began operations on November 1, 2018. i (Click the icon to view the transactions.) Read the requirements Requirement 1. Analyze the effects of Outdoor Adventure 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.); Common Stock (CS); Dividends (Div ); 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 "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses.) Assets Liabilities Equity Cash A/R Off. Canoes = A/P Util Tele CS Div Rent Rent Util Wage Tele Sup Pay Pay. Rev Exp Exp Exp Exp Enter any number in the edit fields and then click Check Answer. ? 17 parts remaining Clear All Check AnswerDat Nguyen pter 1 - Continuing Problem 1 of 1 (0 complete) blem (similar to) gradu More Info - X ey de orati Received $19,000 cash to begin the company and issued common Nov. 1 stock to Anna and Zed. Nov. 2 Signed a lease for a building and paid $2,000 for the first month's rent. lowing Nov. 3 Purchased canoes for $4,500 on account. le. Pa Nov. 4 Purchased office supplies on account, $900. age E Nov. 7 Earned $1,800 cash for rental of canoes hat fol Nov. 13 Paid $1,300 cash for wages. balan Nov. 15 Paid $300 dividends to stockholders. lines ces. E Nov. 16 Received a bill for $180 for utilities. (Use separate payable account.) Received a bill for $160 for cell phone expenses. (Use separate payable Nov. 20 account.) Nov. 22 Rented canoes to Little Learner on account, $3,400. Util. Nov. 26 Paid $1,400 on account related to the November 3, 2018, purchase. Exp Received $900 from Little Learner for canoe rental on November 22, Nov. 28 2018 Nov. 30 Paid $600 dividends to stockholders. Print Done Clear All