Question
a. Sold land and received a note receivable of $43,000 (the land was carried on the company's books at $43,000). b. Received $140,000 cash and
a. Sold land and received a note receivable of $43,000 (the land was carried on the company's books at $43,000). b. Received $140,000 cash and issued stock to a stockholder. c. Purchased equipment for the business for $81,000 cash. d. Received $37,000 cash from customers for services performed. e. Purchased land for a building site for the businessand signed a $98,000 promissory note to the bank. f. Earned $15,000 in revenue for services performed. The customer promises to pay Bishop IndustriesBishop Industries in one month. g. Paid $12,000 cash on accounts payable. h. Purchased supplies on account for $4,000. i. BishopBishop used personal funds to purchase a pool table for herher home. j. The business paid BishopBishop a cash dividend of $4,500.
1. | 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. (If an event has no effect on the total assets of the business choose either personal transaction or asset accounts offset.) |
Account affected or why | ||
Trans. | Asset effect | assets are not affected |
a. |
|
|
There are 9 remaining parts but I cant see them because i have to answer this question first so if you are familiar with this problems please try to states the 9 remaining parts.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started