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Provide journal entries to record each of the following transactions. For each, identify 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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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

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FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 16, Problem 1EA
Textbook Problem
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Provide journal entries to record each of the following transactions. For each, identify 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.

To determine

Concept introduction:

Journal Entry: It helps company or any business to record the transaction in double entry system. Every transaction has two effects one is debit and another is credit.

To prepare:

Journal Entry.

Explanation of Solution

A. Company paid dividend through cash it is use of cash (U). So company debited dividend and credited cash in this case.

B. Issue of stock in cash it is source of cash (S). So company debited the cash and credited share capital.

C. Sold land in cash it is source of cash (S). So company debited the cash and credited land and profit...

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Chapter 16 Solutions

Principles of Accounting Volume 1
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