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Tell Whether Each of the Following Events Are Asset Source

Question 140

Essay

Tell whether each of the following events are asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE) transactions.
_____1) Issued common stock to investors for $8,000 cash
_____2) Paid one year's rent in advance
_____3) Provided services to customers and received $35,000 cash
_____4) Paid creditors $10,000
_____5) Received $3,000 of revenue in advance
_____6) Provided services to customers on account, $12,000
_____7) Collected $2,000 from accounts receivable
_____8) Recognized accrued salary expense of $2,000
_____9) Borrowed $6,000 from creditors
_____10) Adjusted the records for supplies used of $800

Correct Answer:

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1) AS 2) AE 3) AS 4) AU 5) AS 6) AS 7) A...

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