Provide journal entries to record each of the following transactions andidentify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). a.Declared and paid to shareholders, a dividend of $24,000. b.Issued common stock at par value for $12,000 cash. c.Sold a tract of land that had cost $10,000, for $16,000. d.Purchased a company truck, with a note payable of $38,000. e.Collected $8,000 from customer accounts receivable.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is