The following business scenarios are independent from one another. 1. Mary Poort purchased an…


The following business scenarios are independent from one another.

 1. Mary Poort purchased an automobile from Hayney Bros. Auto Sales for $9,000.

2. John Rodman loaned $15,000 to the business in which he is a stockholder.

3. First State Bank paid interest to Caleb Co. on a certificate of deposit that Caleb Co. has invested at First State Bank.

4. Parkside Restaurant paid the current utility bill of $128 to Gulf Utilities.

5. Gatemore, Inc., borrowed $50,000 from City National Bank and used the funds to purchase land from Morgan Realty.

6. Steven Wong purchased $10,000 of common stock of International Sales Corporation from the corporation.

7. Dan Dow loaned $4,000 cash to his daughter.

8. Mega Service Co. earned $5,000 in cash revenue.

9. McCloud Co. paid $1,500 for salaries to each of its four employees.

10. Shim Inc. paid a cash dividend of $3,000 to its sole shareholder, Marcus Shim.



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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