Osage Corporation began business operations and experienced the following transactions during 2016:
1)Issued common stock for $25,000 cash.
2)Issued a $20,000,6% 4-year note to the bank on February 1.
3)Provided services to customers for $80,000 cash.
4)Paid $38,000 for operating expenses.
5)Accrued interest expense on the note.
6)Paid a $4,000 dividend to shareholders.
Required:
Record the above transactions on a horizontal statements model to reflect their effect on Osage's financial statements.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.Precede a cash outflow amount with a minus sign.In the last column,enter OA,IA,FA for the type of cash flow activity,or NA if there is no activity.

Question

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The Answer of Osage Corporation began business operations and experienced the following transactions during 2016:
1)Issued common stock for $25,000 cash.
2)Issued a $20,000,6% 4-year note to the bank on February 1.
3)Provided services to customers for $80,000 cash.
4)Paid $38,000 for operating expenses.
5)Accrued interest expense on the note.
6)Paid a $4,000 dividend to shareholders.
Required:
Record the above transactions on a horizontal statements model to reflect their effect on Osage's financial statements.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.Precede a cash outflow amount with a minus sign.In the last column,enter OA,IA,FA for the type of cash flow activity,or NA if there is no activity.

Osage Corporation Began Business Operations and Experienced the Following Transactions