Blaines controls a proprietorship or Derrick Blaine the experience the following events. State whether each event {1}
Question:
Blaine’s controls a proprietorship or Derrick Blaine the experience the following events. State whether each event {1} increased {2} decrease or {3} had no effect on the total assets of the balance assets of the business. Identify any specific asset affected
A . Borrow money from the bank
B. Cash purchase of land for a future building site
C. Blaine increase his cash investment in the business
D. Paid cash on account payable
E. Purchase machinery and equipment for manufacturing plant: signed a promissory note in payment
F. Performed service for a customer on account
G. Blaine withdrew cash the business for personal use
H. Received cash from a customer on account receivable
I. Blaine used personal funds to purchase a swimming pool for his house
J. Sold land for a price equal to the cost of the land; receive cash
Expert Answer:
A Borrow money from the bank When money is borrowed from the bank it increases cash which is an asse... View the full answer
