Hi there,

I am having trouble completing this problem because I am unsure if 3. is an asset or liability and if I should include 9. in the equation at all. Please help explain. Thanks. :)

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: Cash Accounts Receivable Office Equipment Canoe and Kayak Equipment Accounts Payable Shawn Dahl, Capital Revenue Expenses Transactions 1. Shawn Dahl invested $44,400 in cash to open the business 2. Paid $12,100 in cash for the purchase of kayak and canoe equipment 3. Paid $1,850 in cash for rent expense 4. Purchased additional kayak and canoe equipment for $4,600 on credit 5. Received $4,700 in cash for kayak rentals 6. Rented canoes and kayaks for $2,000 on account 7. Purchased office equipment for $205 in cash 8. Received $1,200 in cash from credit clients 9. Shawn Dahl withdrew $2,300 in cash for personal expenses Based on the information above, complete the following accounting equation. Assets = Liabilities + Owner's Equity