Analyze the effects of a 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.). Nov. 1 Received $16,000 cash to begin the company and issued common stock to Amber and Zack. Nov. 2 Signed a lease for a building and paid $1,200 for the first month's rent. Nov. 3 Purchased canoes for $4,800 on account. Nov. 4 Purchased office supplies on account, $750. Nov. 7 Earned $1,400 cash for rental of canoes. Nov. 13 Paid $1,500 cash for wages. Nov. 15 Paid $50 dividends to stockholders. Nov. 16 Received a bill for $150 for utilities. (Use separate payable account.) Nov. 20 Received a bill for $175 for cell phone expenses. (Use separate payable account.) Nov. 22 Rented canoes to Early Start Daycare on account, $3,000. Nov. 26 Paid $1,000 on account related to the November 3, 2024, purchase. Nov. 28 Received $750 from Early Start Daycare for canoe rental on November 22, 2024. Nov. 30 Paid $100 dividends to stockholders.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter1: Starting A Proprietorship: Changes That Affect The Accounting Equation

Section1.2: How Business Activities Change The Accounting Equation

Problem 1WT

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Analyze the effects of

a 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.).

Nov. 1

Received $16,000 cash to begin the company and issued common stock to Amber and Zack.

Nov. 2

Signed a lease for a building and paid $1,200 for the first month's rent.

Nov. 3

Purchased canoes for $4,800 on account.

Nov. 4

Purchased office supplies on account, $750.

Nov. 7

Earned $1,400 cash for rental of canoes.

Nov. 13

Paid $1,500 cash for wages.

Nov. 15

Paid $50 dividends to stockholders.

Nov. 16

Received a bill for $150 for utilities. (Use separate payable account.)

Nov. 20

Received a bill for $175 for cell phone expenses. (Use separate payable account.)

Nov. 22

Rented canoes to Early Start Daycare on account, $3,000.

Nov. 26

Paid $1,000 on account related to the November 3, 2024, purchase.

Nov. 28

Received $750 from Early Start Daycare for canoe rental on November 22, 2024.

Nov. 30

Paid $100 dividends to stockholders.

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