The following transactions apply to Kellogg Company.
1)Issued common stock for $20,000 cash
2)Provided services to customers for $38,000 on account
3)Purchased land for $15,000 cash
4)Incurred $29,000 of operating expenses on account
5)Collected $35,000 cash from customers for services provided in event #2
6)Paid $27,000 on accounts payable
7)Paid $2,000 dividends to stockholders
Required:
a)Identify the dollar amount effect on the Statement of Cash Flows,if any,for each of the above transactions.Precede a cash outflow amount with a minus sign.Enter NA for items not affected.
b)Indicate whether each transaction involves operating,investing,or financing activities.Enter NA for items not affected.
c)Classify the above accounting events into one of four types of transactions (asset source,asset use,asset exchange,claims exchange).

Question

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The Answer of The following transactions apply to Kellogg Company.
1)Issued common stock for $20,000 cash
2)Provided services to customers for $38,000 on account
3)Purchased land for $15,000 cash
4)Incurred $29,000 of operating expenses on account
5)Collected $35,000 cash from customers for services provided in event #2
6)Paid $27,000 on accounts payable
7)Paid $2,000 dividends to stockholders
Required:
a)Identify the dollar amount effect on the Statement of Cash Flows,if any,for each of the above transactions.Precede a cash outflow amount with a minus sign.Enter NA for items not affected.
b)Indicate whether each transaction involves operating,investing,or financing activities.Enter NA for items not affected.
c)Classify the above accounting events into one of four types of transactions (asset source,asset use,asset exchange,claims exchange).

The Following Transactions Apply to Kellogg Company