08 Jan The following business scenarios are independent f
The following business scenarios are independent from one another: 1. Chris Hann purchased an automobile from Classic Auto Sales for $10,000. 2. Sal Pearl loaned $15,000 to the business in which he is a stockholder. 3. First State Bank paid interest to Strong Co. on a certificate of deposit that Strong Co. has invested at First State Bank. 4. Cindy s Restaurant paid the current utility bill of $135 to Midwest Utilities. 5. Sun Corp., borrowed $50,000 from City National Bank and used the funds to purchase land from Carriage Realty. 6. Sue Wang purchased $10,000 of common stock of International Sales Corporation from the corporation. 7. Chris Gordon loaned $6,000 cash to his daughter. 8. Motor Service Co. earned $20,000 in cash revenue. 9. Poy Imports paid $4,000 for salaries to each of its four employees. 10. Borg Inc. paid a cash dividend of $4,000 to its sole shareholder, Mark Borg. Required a. For each scenario, create a list of all of the entities that are mentioned in the description. b. Describe what happens to the cash account of each entity that you identified in Requirement a.
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