Short Answer
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:
Transactions
1. Shawn Dahl invested $50,000 in cash to open the business
2. Paid $14,200 in cash for the purchase of kayak and canoe equipment
3. Paid $2,200 in cash for rent expense
4. Purchased additional kayak and canoe equipment for $4,900 on credit
5. Received $4,600 in cash for kayak rentals
6. Rented canoes and kayaks for $3,400 on account
7. Purchased office equipment for $375 in cash
8. Received $1,350 in cash from credit clients
9. Shawn Dahl withdrew $1,800 in cash for personal expenses
-Based on the information above, what is the fundamental accounting equation at the end of September for Whitewater Rentals?
Correct Answer:

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Assets $58,900 = Lia...View Answer
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