Question
Shaun White founded his dream business, called Shaun's Snowboarding Adventures. The following transactions occurred during November 2021, his first month of operations. a) Shaun invested
Shaun White founded his dream business, called Shaun's Snowboarding Adventures. The following transactions occurred during November 2021, his first month of operations. a) Shaun invested $40,000 cash into the business on November 1. <--- this is used as an example in the Journal tab and T-Acc tab b) Shaun's Snowboarding purchased $30,000 worth of snowboarding equipment on credit. c) The business rented additional snowboarding equipment for $3,200 on account. d) Shaun's Snowboarding paid cash $650 to cover insurance for the month of November. e) The business provided lessons to a group of clients for $4,500 on account. f) The business collected $3,000 from its credit customers. g) The snowboarding equipment purchased on credit was paid in cash. Required: 1. Open the following T-accounts: Cash; Accounts Receivable; Equipment; Accounts Payable; Owner's Capital; Teaching Revenue; Insurance Expense; Equipment Rental Expense. 2. Post the November entries directly into the T-accounts. 3. Prepare Trial Balance
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