What is a general ledger and how is it helpful in accounting

What about the impact of debits and credits to revenue and expense accounts

Everyone – Please attempt this exercise and see what you come up with. Please do not attach a file with your response, instead write or copy and paste your answer into the threads. Thanks.

E2-15A

The following selected events were experienced by either Fact Finders, Inc., a corporation, or Peter Flip, the major stockholder. 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.

• a. Received $8,500 cash from customers on account.
• b. Flip used personal funds to purchase a flat screen TV for his home.
• c. Sold land and received cash of $71,000 (the land was carried on the company’s books at $71,000).
• d. Borrowed $56,000 from the bank.
• e. Made cash purchase of land for a building site, $93,000.
• f. Received $22,000 cash and issued stock to a stockholder.
• g. Paid $68,000 cash on accounts payable.
• h. Purchased equipment and signed a $104,000 promissory note in payment.
• i. Purchased merchandise inventory on account for $16,500.
• j. The business paid Flip a cash dividend of $7,000.