Following are transactions of Gotebo Tanners, Inc., a new company, during the mo

Question

Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012:

1. Issued 10,000 shares of common stock for $15,000 cash.

2. Purchased land for $12,000, signing a note payable for the full amount.

3. Purchased office equipment for $1,200 cash.

4. Received cash of $14,000 for services provided to customers during the month.

5. Purchased $300 of office supplies on account.

6. Paid employees $10,000 for their first month's salaries.

How many of these transactions decreased Gotebo's total assets?

Explanation / Answer

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