State whether event had any effect, accounting assignment help

E1-25 (book/static)

 

​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.

​(Complete all answer​ boxes.)

Effects on total assets

Asset account(s) affected

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