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LO 3 E2-29B. (Learning Objective 3: Analyze the impact of business transactions on accounts) The following selected events were experienced by either Cardinal Industries, Inc., a corporation, or Larmy Cardinal, the major stockholder. 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. Sold land and received a note receivable of $43,000 (the land was carried on the companys books at $43,000). b. Purchased equipment for the business for $81,000 cash. c. Cardinal used personal funds to purchase a pool table for his home. d. Purchased land for a building site for the business and signed a $98,000 promissory note e. Received $140,000 cash and issued stock to a stockholder. f. Earned $15,000 in revenue for services performed. The customer promises to pay Cardinal Industries in one month. g. The business paid Cardinal a cash dividend of $4,500. h. Paid $12,000 cash on accounts payable. i. Received $37,000 cash from customers for services performed. j. Purchased supplies on account for $4,000.

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Cardinal Industries Inc Effect on Total Assets No effect No effect No effect Increase Increase Increase Decrease Decrease Increase Increase Journal entry Debit Note Receivable Equipment No ent Land Cash Accounts Receivable Service Revenue Dividend Accounts Payable Cash Cash Supplies Item Specific Asset Credit Land Cash Land Cash Accounts Receivable Cash Cash Cash Supplies Note Payable Common Stock Cash Service Revenue Accounts Payable

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