The following business scenarios are independent of one another.

1. Tilly Jensen starts a business by transferring \($5,000\) from her personal checking account into a checking account for the business.

2. A business that Bart Angle owns earns \($2,300\) of cash revenue.

3. Phil Culver borrows \($20,000\) from the National Bank and uses the money to purchase a car from Henderson Ford.

4. Lipka Company pays its five employees \($2,000\) each to cover their salaries.

5. Kevin Dow loans his son Brian \($5,000\) cash.

6. Asthana Inc. paid \($150,000\) cash to purchase land from Waterbury Inc.

7. Moshe Liu and Chao Porat form a partnership by contributing \($30,000\) each from their personal bank accounts to a partnership bank account.

8. Ken Stanga pays cash to purchase \($2,000\) of common stock that is issued by Krishnan Inc.

9. Omni Company pays a \($42,000\) cash dividend to each of its seven shareholders.

10.McCann Inc. borrowed \($5,000,000\) from the National Bank.

Required:

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

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