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Water Way Company is a service-based company that rents canoes for use on local lakes and rivers. Alison and Zeger Warren graduated from college about 10 years ago. They both worked for one of the "Big Four accounting firms and became CPAS. Because they both love the outdoors, they decided to begin a new business that will combine their love of outdoor activities with their business knowledge. Alison and Zeger decide that they will create a new corporation, Water Way Company, or WWC for short. The business began operations on November 1, 2024. Click the icon to view the transactions.) Read the requirements. Requirement 1. Analyze the effects of Water 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.), 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.). 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 Cash A/P Off + Canoes cs Equity Rent- Rent- Exp Div Tele Wage. Util ✦ Tele. + Pay Pay Util- Exp. Rev Sup. Exp Exp 113,000. + 13,000 1,600 (1,600) 2 Bal. 11,400. 0 13,000 1,600 3 Bal. A/R + 0
More info Nov. 1 Nov. 2 Nov. 3 Nov. 4 Nov. 7 Nov. 13 Nov. 15 Nov. 16 Nov. 20 Nov. 22 Nov. 26 Nov. 28 Nov. 30 Received $13,000 cash to begin the company and issued common stock to Alison and Zeger. Signed a lease for a building and paid $1,600 for the first month's rent. Purchased canoes for $4,100 on account. Purchased office supplies on account, $1,000. Earned $2,000 cash for rental of canoes. Paid $2,100 cash for wages. Paid $200 dividends to stockholders. Received a bill for $170 for utilities. (Use separate payable account.) Received a bill for $190 for cell phone expenses. (Use separate payable account.) Rented canoes to School's Out on account, $3,500. Paid $2,300 on account related to the November 3, 2024, purchase. Received $1,200 from School's Out for canoe rental on November 22, 2024 Paid $300 dividends to stockholders.