Question
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
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:
CashAccounts PayableAccounts ReceivableShawn Dahl, CapitalOffice EquipmentRevenueCanoe and Kayak EquipmentExpenses
Transactions
- Shawn Dahl invested $50,000 in cash to open the business
- Paid $14,200 in cash for the purchase of kayak and canoe equipment
- Paid $2,200 in cash for rent expense
- Purchased additional kayak and canoe equipment for $4,900 on credit
- Received $4,600 in cash for kayak rentals
- Rented canoes and kayaks for $3,400 on account
- Purchased office equipment for $375 in cash
- Received $1,350 in cash from credit clients
- Shawn Dahl withdrew $1,800 in cash for personal expenses
Based on the information above, complete the following accounting equation.
Balance of Accounts Receivable is?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
