View the step-by-step solution to:

(Learning Objective 1: Analyzing transactions) The following selected events were experienced by either Simple Solutions, Inc., a corporation, or Bob...

(Learning Objective 1: Analyzing transactions) The following selected events were experienced by either Simple Solutions, Inc., a corporation, or Bob Gallagher, 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. Received $30,000 cash and issued stock to a stockholder.
b. Purchased equipment for $75,000 cash.
c. Paid $10,000 cash on accounts payable.
d. Gallagher used personal funds to purchase a flat screen TV for his home.
e. Purchased land for a building site and signed an $80,000 promissory note to the bank.
f. Received $17,000 cash from customers for services performed.
g. Sold land and received a note receivable of $55,000 (the land was carried on the company’s books at $55,000).
h. Earned $25,000 in revenue for services performed. The customer promises to pay Simple Solutions in one month.
i. Purchased supplies on account for $5,000.
j. The business paid Gallagher a cash dividend of $4,000.

Sign up to view the entire interaction

Top Answer

Dear Student Please find... View the full answer

Accounting-7621648.doc

Question:- (Learning Objective 1: Analyzing transactions) The following selected events were experienced
by either Simple Solutions, Inc., a corporation, or Bob Gallagher, the major stockholder....

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online