Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribed

Required information 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 Receivable Office Equipment Canoe and Kayak Equipment Accounts Payable Shawn Dahl, capital Revenue Expenses Transactions 1. Shawn Dahl invested $45,900 in cash to open the business 2. Paid $13,600 in cash for the purchase of kayak and canoe equipment 3. Paid $1,500 in cash for rent expense 4. Purchased additional kayak and canoe equipment for $4,250 on credit 5. Received $4,350 in cash for kayak rentals 6. Rented canoes and kayaks for $1,650 on account 7. Purchased office equipment for $170 in cash 8. Received $1,025 in cash from credit clients 9. Shawn Dahl withdrew $1,950 in cash for personal expenses Based on the information above, complete the following accounting equation. Assets Liabilities 4.250 4,250 + Owner's Equity Required information The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $67,000 (Transaction 1). Assets -Liab.+ Owner's Equity Accts. Accts. G.Sawyer Capital +67,000 Transaction Cash Rec. Supp. Equip.Pay Rev Exp +67,000 - 7,200 +7,200 +4,200 +4,200 4 +2,680 +2,680 -3,000 -3,000 -570 6 7 + 570 -1,400 -1,400 +350 Bal 55,620 3,630350+9,8802,680+ 65,600 + 4,200-3,000 Prepare the statement of owner's equity for Sawyer Architecture Services for the month ended June 30, 2019 SAWYER ARCHITECTURE SERVICES Statement of Owner's Equity Month Ended June 30, 2019

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Provider Audit In England Evaluating Medical Audit

Authors: James Buttery, Yvette; Walshe, Kieran; Rumsey, Moira; Amess, Moyra; Bennett, Jennifer & Coles

1st Edition

1898845034, 978-1898845034

More Books

Students also viewed these Accounting questions