a. Shane%u2019s Roasted Peanuts received cash from the sole stockholder and issu

ID: 2376086 • Letter: A

Question

a. Shane%u2019s Roasted Peanuts received cash from the sole stockholder and issued common stock.

b. Cash purchase of land for a building site.

c. Paid cash on accounts payable.

d. Purchased equipment; signed a note payable.

e. Performed service for a customer on account.

f. Employees worked for the week but will be paid next Tuesday.

g. Received cash from a customer on account receivable.

h. Borrowed money from the bank.

i. Paid cash dividends.

j. Incurred utility expense on account.

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Requirement:

1. State whether each event (1) increased, (2) decreased, or (3) had no effect on the

total assets of the business.

2. Identify any specific asset affected....such as:

Accounts payable,

Accounts Receivable,

Cash,

Cash and accounts receivable,

cash and building,

cash and drawings,

cash and equipment,

cash and land

cash and note payable

cash and owners equity

equipment

no asset account(s) affected

note payable

owners equity

true

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