The following business scenarios are independent from one another:

1. Bob Wilder starts a business by transferring $10,000 from his personal checking account into a checking account for his business, Wilder Co.

2. A business that Sam Pace owns earns $4,600 of cash revenue from customers.

3. Jim Sneed borrows $30,000 from the National Bank and uses the money to purchase a car from Iuka Ford.

4. OZ Company pays its five employees $2,500 each to cover their salaries.

5. Gil Roberts loans his son Jim $5,000 cash.

6. Gane, Inc. paid $100,000 cash to purchase land from Atlanta Land Co.

7. Rob Moore and Gil Thomas form the MT partnership by contributing $20,000 each from their personal bank accounts to a partnership bank account.

8. Stephen Woo pays cash to purchase $5,000 of common stock that is issued by Izzard, Inc.

9. Natural Stone pays a $5,000 cash dividend to each of its seven shareholders.

10. Billows, Inc. borrowed $5,000,000 from the National Bank.

Required

a. For each scenario, create a list of all of the entities mentioned in the description.

b. Describe what happens to the cash account of each entity that you identified in Requirement a.