Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 1, Problem 13E
Exercise 1-13A Classifying events as asset source, use, or exchange
Nevada Company experienced the following events during its first year of operations:
- 1. Acquired an additional $1,000 cash from the issue of common stock.
- 2. Paid $2,400 cash for utilities expense.
- 3. Paid a $1,500 cash dividend to the stockholders.
- 4. Provided additional services for $6,000 cash.
- 5. Purchased additional land for $2,500 cash.
- 6. The market value of the land was determined to be $24,000 at the end of the accounting period.
- 7. Acquired $16,000 cash from the issue of common stock.
- 8. Paid $3,500 cash for salary expense.
- 9. Borrowed $10,000 cash from New South Bank.
- 10. Paid $6,000 cash to purchase land.
- 11. Provided boarding services for $10,500 cash.
Required
Classify each event as an asset source, use, or exchange transaction or as not applicable.
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Chapter 1 Solutions
Survey Of Accounting
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