Question

Texas 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.



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  • CreatedOctober 12, 2013
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