Classify each of the following transactions for the purpose of the statement of cash flows as operating activities (OA),investing activities (IA),financing activities (FA),or not reported on the statement of cash flows (NA).
1)_____Collected accounts receivable
2)_____Made adjusting entry to accrue salary expense at the end of the year
3)_____Borrowed funds from the bank
4)_____Paid rent for the month
5)_____Paid cash to settle accounts payable
6)_____Issued common stock for $30,000 cash
7)_____Paid cash to acquire land

Question

Quizplus · Accepted Answer

The Answer of Classify each of the following transactions for the purpose of the statement of cash flows as operating activities (OA),investing activities (IA),financing activities (FA),or not reported on the statement of cash flows (NA).
1)_____Collected accounts receivable
2)_____Made adjusting entry to accrue salary expense at the end of the year
3)_____Borrowed funds from the bank
4)_____Paid rent for the month
5)_____Paid cash to settle accounts payable
6)_____Issued common stock for $30,000 cash
7)_____Paid cash to acquire land

Classify Each of the Following Transactions for the Purpose of the Statement