(L. OBJ. 8,) Analyzing business transactions [10—15 min]
Jake’s Roasted Peanuts supplies snack foods. The business experienced the following events:
a. Jake’s Roasted Peanuts gave capital after receiving cash from the sole proprietor.
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. Owner withdrew cash.
g. Received cash from a customer on account receivable.
h. Borrowed money from the bank.
Requirement
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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