Classifying events as asset source, use, or exchange
BJ’s Business Services experienced the following events during its first year of operations.
1.Acquired $10,000 cash from the issue of common stock.
2.Borrowed $8,000 cash from First Bank.
3.Paid $4,000 cash to purchase land.
4.Received $5,000 cash for providing boarding services.
5.Acquired an additional $2,000 cash from the issue of common stock.
6.Purchased additional land for $3,500 cash.
7.Paid $2,500 cash for salary expense.
8.Signed a contract to provide additional services in the future.
9.Paid $1,000 cash for rent expense.
10.Paid a $1,000 cash dividend to the stockholders.
11.Determined the market value of the land to be $8,000 at the end of the accounting period. Required
Classify each event as an asset source, use, or exchange transaction or as not applicable (NA).
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