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.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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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