Analyzing business transactions [10-15 min]
Shane’s Roasted Peanuts, Inc., supplies snack foods. The business experienced the following events.
a. Shane’s Roasted Peanuts received cash from the sole stockholder and issued common stock.
b. Cash purchase of land for a building site.
c. Paid cash on accounts payable.
d. Purchased equipment; signed a note payable.
e. Performed service for a customer on account.
f. Employees worked for the week but will be paid next Tuesday.
g. Received cash from a customer on account receivable.
h. Borrowed money from the bank.
i. Paid cash dividends.
j. Incurred utility expense on account.
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.
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