Exercise 1 (Chapter 1) Classifying Events as an asset source, use, or exchange Montana Companies experienced the following events during the first year of its operations: 1. Acquired $1,000 cash from the issue of common stock.

2. Paid $24 cash for utilities expense.

3. Paid a $1,500 cash dividend to the stockholders.

4. Provided boarding services for $6,000 cash.

5. Purchased additional land for $2,500 cash.

6. Determined the market value of the land to be $24,000 at the end of the accounting period.

7. Acquired an additional $16,000 cash from the issue of common stock.

8. Paid $3,500 cash for the salary expense.

9. Borrowed $10,000 cash from New South Bank.

10. Paid $6,000 cash to purchase land.

11. Provided additional boarding services for $10,500 cash.