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Provide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and &whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. paid $12,000 of accounts payable B. collected $6,000 from a customer C. issued common stock at par for $24,000 cash D. paid $6,000 cash dividend to shareholders E. sold products to customers for $15,000 F. paid current month**#x2019;s utility bill, $1,500

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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 1PA
Textbook Problem
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Provide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and &whether the transaction represents a source of cash (S), a use of cash (U), or neither (N).

A. paid $12,000 of accounts payable

B. collected $6,000 from a customer

C. issued common stock at par for $24,000 cash

D. paid $6,000 cash dividend to shareholders

E. sold products to customers for $15,000

F. paid current month**#x2019;s utility bill, $1,500

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 cash against accounts payable it is use of cash (U). Company debited the accounts payable and credited the cash account.

B. Company received cash from the customer it is source of cash (S). Company debited the cash and credited the accounts receivable account.

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

D...

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Chapter 16 Solutions

Principles of Accounting Volume 1
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