Question

Wildcat Corporation has the following transactions.
Transactions Wildcat’s related Accounts
1. Wildcat pays rent for the current month. ...... Rent Expense
2. Wildcat provides services to customers. ...... Service Revenue
3. Wildcat issues common stock. ......... Common Stock
4. Wildcat repays previously borrowed amount. ... Notes Payable
5. Wildcat purchases land. ............ Land

Required:
1. For each transaction, indicate whether Wildcat would classify the related account as an (a) asset, (b) liability, or (c) stockholders’ equity to be reported in the balance sheet; a (d) revenue or (e) expense to be reported in the income statement; or a (f) dividend to be reported in the statement of stockholders’ equity.
2. Classify the type of activity as financing, investing, or operating.



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  • CreatedJuly 15, 2014
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