(Learning Objective 1: Analyzing transactions) The following selected events were experienced by either Simple Solutions, Inc., a corporation, or Bob Gallagher, the major shareholder. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specifi c asset affected.

a. Received €30,000 cash and issued shares to a shareholder.

b. Purchased equipment for €75,000 cash.

c. Paid €10,000 cash on accounts payable.

d. Gallagher used personal funds to purchase a fl at screen TV for his home.

e. Purchased land for a building site and signed an €80,000 promissory note to the bank.

f. Received €17,000 cash from customers for services performed.

g. Sold land and received a note receivable of €55,000 (the land was carried on the company’s books at €55,000).

h. Earned €25,000 in revenue for services performed. The customer promises to pay Simple Solutions in one month.

i. Purchased supplies on account for €5,000.

j. The business paid Gallagher a cash dividend of €4,000.