1.Beth Mays purchased an automobile from Mills Bros. Auto Sales for $9,000. 2.Bi
ID: 2357862 • Letter: 1
Question
1.Beth Mays purchased an automobile from Mills Bros. Auto Sales for $9,000.
2.Bill Becham loaned $15,000 to the business in which he is a stockholder.
3.First State Bank paid interest to Levi Co. on a certificate of deposit that Levi Co. has invested at First State Bank.
4.Southside Restaurant paid the current utility bill of $128 to Midwest Utilities.
5.Filmore, Inc., borrowed $50,000 from City National Bank and used the funds to purchase land from Tuchols Realty.
6.Jing Chu purchased $10,000 of common stock of International Sales Corporation from the corporation.
7.Bill Mann loaned $4,000 cash to his daughter.
8.Research Service Co. earned $5,000 in cash revenue.
9.Yang Imports paid $1,500 for salaries to each of its four employees.
10.Meyers Inc. paid a cash dividend of $3,000 to its sole shareholder, Mark Meyers.
Explanation / Answer
1.Beth Mays purchased an automobile from Mills Bros. Auto Sales for $9,000. Beth May’s cash is decreased by 9,000 Mill Bros. Auto Sales cash is increased by 9,000 2.Bill Becham loaned $15,000 to the business in which he is a stockholder. Bill Becham’s cash is decreased by 15,000 The business ‘ cash is increased by 15,000 3.First State Bank paid interest to Levi Co. on a certificate of deposit that Levi Co. has invested at First State Bank. Levi’s cash is increased. First State Bank’s cash is decreased 4.Southside Restaurant paid the current utility bill of $128 to Midwest Utilities Southside’s cash is decreased by 128 Midwest’s cash is increased by 128 . 5.Filmore, Inc., borrowed $50,000 from City National Bank and used the funds to purchase land from Tuchols Realty. Filmore’s cash stays the same City National Bank’s cash is deceased by 50,000 Tuchols Realty’s cash is increased 50,000 6.Jing Chu purchased $10,000 of common stock of International Sales Corporation from the corporation. Jing’s cash is decreased by 10,000 International Sales Corp’s cash is increased by 10,000 7.Bill Mann loaned $4,000 cash to his daughter. Bill Mann’s cash is decreased by 4000 His daughter’s cash is increased by 4000 8.Research Service Co. earned $5,000 in cash revenue. Research Service Co’s cash is increased by 5000 9.Yang Imports paid $1,500 for salaries to each of its four employees. Yang’s cash is decreased by 6000 The four employees each have 1500 more in cash 10.Meyers Inc. paid a cash dividend of $3,000 to its sole shareholder, Mark Meyers. Meyers Inc has 3000 less cash Mark Meyers has 3000 more cash.
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