Answer:
Assets = $ 55650
Liability =8300
Owner's equity=47350
Liability and Owner's equity.=8300 +47350=$55650
Explanation:
Using The basic equation we add the transaction to arrive at the actual amounts.
Assets = Liabilities + Owner's Equity
1. 50,000= 50,000
Cash +Assets = Liabilities + Owner's Equity
2. 35,800 +14,200= 50,000
Cash +Assets = Liabilities + Owner's Equity- Rent Expense
3) 33600+ 14200 = 50,000 - 2,200
Cash +Canoes = Liabilities + Owner's Equity- Rent Expense
4) 33600+ 14200+ 4900= 4900 + 50,000 - 2,200
Cash +Canoes = Liabilities + Owner's Equity- Rent Expense
5) 33600+ 19,100 + 3,400= 4900+ 3400 + 50,000 - 2,200
Cash +Canoes + Office Equip = Liabilities + Owner's Equity- Rent Expense
6) 33225+22500+ 375= 8,300 + 50,000 - 2,200
Cash +Canoes + Office Equip+ A/ R = Liabilities + Owner's Equity- Rent Expense
7) 33225+22500+ 375+ 1350 = 8,300 + 50,000 - 2,200+ 1350
Cash +Canoes + Office Equip+ A/ R = Liabilities + Owner's Equity- Rent Expense- drawings
8) 31425+22500+ 375+ 1350 = 8,300 + 50,000 - 2,200+ 1350-1800
We get
Cash = 31425
Kayak And Canoe 22500
Office Equipment= 375
Accounts Receivable= 1350
Accounts Payable = 8300
Capital less Drawings= 50,000- 1800= 48,200(850)= 47350
Revenue- Expenses = 1350 -2200= (850)
Assets = Cash +Kayak And Canoe +Office Equipment+ Accounts Receivable = 31425 +22500 + 375 +1350= $ 55650
Liability =8300
Owner's equity=47350
Liability and Owner's equity.=8300 +47350=$55650
