Water WayWater Way
Company is a service-based company that rents canoes for use on local lakes and rivers.
AveryAvery
WaltWalt
graduated from college about 10 years ago. She worked for one of the "Big Four" accounting firms and became a CPA. Because she loves the outdoors, she decided to begin a new business that will combine her love of outdoor activities with her business knowledge.
AveryAvery
decides that she will create a new sole proprietorship,
Water WayWater Way
Company, or
WWCWWC
for short. The business began operations on
NovemberNovember
1,
20182018.
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(Click the icon to view the transactions.) Read the requirements
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.
Requirement 1. Analyze the effects of
Water WayWater Way
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.);
WaltWalt,
Capital;
WaltWalt,
Withdrawals (Withdr.); 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
NovemberNovember
1. For each transaction that follows
the NovemberNovember 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
NovemberNovember
3030,
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.)
Review Homework: ACC-250 Topic 1 Assignment Close Score: 0 of 20 pts 3 of 3 HW Score: 0%, 0 of 50 pts CP1-55 (similar to) A Question Help Calla Canoe Company is a service-based company that rents canoes for use on local lakes and rivers. Ashlyn Walt graduated from college about 10 years ago. She worked for one of the "Big Four" accounting firms and became a CPA. Because she loves the outdoors, she decided to begin a new business that will combine her love of outdoor activities with her business knowledge. Ashlyn decides that she will create new sole proprietorship, Calla Canoe Company, or CCC for short. The business began operations on November 1, 2018. (Click the icon to view the transactions.) Read the requirements Requirement 1. Analyze the effects of Calla Canoe 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.); Walt, Capital; Walt, Withdrawals (Withdr.); 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 Rent Rent - Cash + A/R + Off. + Canoes = A/P Util. + Tele. + Walt, Walt, Util. Tele. Wage Exp. Sup. Pay. Pay Capital Withdr. Rev. Exp. Exp. Exp. This question has not been completed. ? Review Homework: ACC-250 Topic 1 Assignment Close Score: 0 of 20 pts 3 of 3 HW Score: 0%, 0 of 50 pts CP1-55 (similar to) A Question Help Calla Canoe Company is a service-based company that rents canoes for use on local lakes and rivers. Ashlyn Walt graduated from college about 10 years ago. She worked for one of the "Big Four" accounting firms and became a CPA. Because she loves the outdoors, she decided to begin a new business that will combine her love of outdoor activities with her business knowledge. Ashlyn decides that she will create new sole proprietorship, Calla Canoe Company, or CCC for short. The business began operations on November 1, 2018. (Click the icon to view the transactions.) Read the requirements Requirement 1. Analyze the effects of Calla Canoe 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.); Walt, Capital; Walt, Withdrawals (Withdr.); 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 Rent Rent - Cash + A/R + Off. + Canoes = A/P Util. + Tele. + Walt, Walt, Util. Tele. Wage Exp. Sup. Pay. Pay Capital Withdr. Rev. Exp. Exp. Exp. This question has not been completed
