Jake's Roasted Peanuts, a proprietorship, supplies snack foods. The business experienced the following events. State whether each
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Jake's Roasted Peanuts, a proprietorship, supplies snack foods. The business experienced the following events. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific asset affected.
a. Jake's Roasted Peanuts received a cash investment from the owner.
b. Cash purchase of land for a building site.
c. Paid cash on accounts payable.
d. Purchased equipment; signed a note payable in payment.
e. Performed service for a customer on account.
f. The owner withdrew cash from the business for personal use.
g. Received cash from a customer on account receivable.
h. Borrowed money from the bank.
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