# 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. Paid \$22,000 cash on bonds payable. B. Collected \$12,600 cash for a note receivable. C. Declared a dividend to shareholders for \$16,000, to be paid in the future. D. Paid \$26,500 to suppliers for purchases on account. E. Purchased treasury stock for \$18,000 cash.

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### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

#### Solutions

Chapter
Section
FindFindarrow_forward

### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 16, Problem 1EB
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. Paid \$22,000 cash on bonds payable.B. Collected \$12,600 cash for a note receivable.C. Declared a dividend to shareholders for \$16,000, to be paid in the future.D. Paid \$26,500 to suppliers for purchases on account.E. Purchased treasury stock for \$18,000 cash.

To determine

Concept introduction:

Journal Entry: To record the transaction occur in the business company can pass the journal entry. Journal entry is base for the complete accounting; in journal Entry Company follow the rule of debit or credit.

To prepare:

Journal Entry.

### Explanation of Solution

A. Company paid the bond through cash it is use of cash (U). So company debited the bond account and credited the cash account.

B. Company collected cash for a note receivable it is source (S). So company debited the cash account and credited the note receivable account.

C. Company declared dividend but not paid so no cash involved (N)...

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