The following selected events were experienced by either Bishop Industries, Inc.. a corporation, or Kate Bishop, 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 company's books at $43,000).
b. Received $140,000 cash and issued stock to a stockholder.
c. Purchased equipment for the business for $81,000 cash.
d. Received $37,000 cash from customers for services performed.
e. Purchased land for a building site for the business and signed a $98,000 promissory note to the bank.
f. Earned $ 15,000 in revenue for services performed. The customer promises to pay Bishop Industries in one month.
g. Paid $ 12,000 cash on accounts payable.
h. Purchased supplies on account for $4,000.
i. Bishop used personal funds to purchase a pool table for her home,
j. The business paid Bishop a cash dividend of $4,500.