Essay
For each of the following transactions, indicate the type by entering "AS" for asset source transaction, "AU" for asset use transaction, "AE" for asset exchange transaction, and "CE" for claims exchange transaction.Paid $10,000 for a plot of landRecorded the accrual of $1,000 in salaries to be paid the following weekIssued common stock for $20,000 in cashIncurred operating expense on accountPaid off its accounts payableEarned revenue to be collected at a future datePaid $2,000 in dividends to its stockholdersReceived cash from customers in number 6 abovePaid the salaries accrued in number 2 aboveBorrowed money from a local bank
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1. AE, 2. CE, 3. AS, 4. CE, 5. AU, 6. AS...View Answer
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